The State Duma in the first reading supported the introduction of a tax on excess profits

The State Duma in the first reading adopted a law on the tax on excess profits of large companies (the so-called windfall tax). About it reported in the lower house of parliament.

The government introduced the bill on June 7, the State Duma Committee on Budget and Taxes supported it on June 26. The State Duma stressed that the excess profit tax will be credited exclusively to the federal budget and will be of a one-time nature.

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.

Windfall 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.

June 28, Deputy Minister of Finance Alexei Sazanov in an interview with RIA Novosti allowedthat in the future, under the conditions of a high budget deficit of the Russian Federation and windfall business profits, the authorities may again resort to levying such a tax. Press Secretary of the President of the Russian Federation Dmitry Peskov declaredthat no decisions have been made regarding the re-levying of excess profit tax from business, there is no discussion in the Kremlin on this topic.