The Ministry of Finance reported that there are no plans to reintroduce the excess profit tax

The Ministry of Finance has no plans to re-introduce the excess profit tax (the so-called windfall tax) for companies. This was announced by Secretary of State – Deputy Minister of Finance Alexey Sazanov, transmits press service of the department.

“There are no plans for the re-introduction of the excess profit tax on companies and other sharp changes in state tax policy, including an increase in rates, for next year,” he said.

Sazanov added that the Ministry of Finance also does not intend to increase the personal income tax rate either within the current budget cycle or in 2024. At the end of September, Finance Minister Anton Siluanov also excluded any changes to basic taxes, including the possibility of increasing the personal income tax rate to 20%.

In November, the ministry plans to adopt a bill to smooth out the consequences of the suspension of certain provisions of tax agreements between Russian businesses and “unfriendly” countries. Sazanov noted that the amendments will apply “retrospectively” – from August 8, 2023.

This year, the authorities decided to seize excess profits of Russian companies received over the past years using windfall tax. In August, Russian President Vladimir Putin signed relevant law. The tax rate is set at 10% of the excess profit for 2021–2022. above the same indicator for 2018–2019. Moreover, if the tax is paid from October 1 to November 30, 2023, the business will receive a “discount” and the rate will be reduced by 2 times – to 5%. The Ministry of Finance plans to collect 300 billion rubles from business.

The amount must be paid no later than January 28, 2024. A number of companies are exempt from tax. In June, First Deputy Prime Minister of Russia Andrei Belousov statedthat the idea of ​​windfall tax belongs to business. According to him, entrepreneurs preferred a one-time contribution to the budget to increasing taxes.