The State Duma Committee on Budget and Taxes supported the introduction of a tax on excess profits

The State Duma Committee on Budget and Taxes supported the introduction of a tax on excess profits for large companies, write “RIA News”.

In addition, the budget committee recommended the adoption in the first reading of a bill that enshrined in the Tax Code the possibility of establishing a tax on excess profits. Both bills are expected to be submitted to the State Duma on June 28.

On June 7, the government submitted to the State Duma a bill on excess profit tax. According to the initiative, the tax will be levied on the excess of the arithmetic average profit for 2021-2022. over the arithmetic mean of profit in 2018–2019. The rate is set at 10%, the tax must be paid no later than January 28, 2024. At the same time, if the fee is paid from October 1 to November 30, 2023, the business will receive a “discount” and the rate will be halved to 5%. According to the Federal Tax Service, the total profit of companies for 2021–2022 exceeded the same indicator for 2018-2019. one and a half times, or 21.7 trillion rubles.

In the Ministry of Finance remindedthat the tax will not affect companies that were created after 2020, and those whose average pre-tax profit for the previous two years does not exceed 1 billion rubles. Also, innovations do not apply to single agricultural tax payers and companies from the oil and gas sector and coal mining. It is assumed that the proceeds from the tax will be used to support and develop the social sphere, including support for needy families.