The Russian government has approved a bill on taxation of excess profits of large companies, Russian Finance Minister Anton Siluanov said on June 13, the press service of the Russian Finance Ministry reported.
“By agreement with the social block, we are going to allocate these resources to support families with children, to the decisions that were made last year of focused and focused support for families in need”— said Anton Siluanov
The bill provides for a number of exceptions. The tax will not apply to companies whose profit is less than 1 billion rubles, if the company was created after 2020, the measure will not apply.
The fiscal perimeter will not include small and medium-sized companies, taxpayers of the unified agricultural tax, as well as companies in the oil and gas sector and coal mining.
The tax on excess profits will be credited to the federal budget and will have a unique character. Its rate will be 10% of excess profit for 2021-2022 over the same indicator for 2018-2019. It must be paid no later than January 28, 2024, the amount paid to the state is calculated by taxpayers independently.
Andrey Belousov, First Deputy Prime Minister of the Russian Federation, noted that businessmen were the initiators of the introduction of excess profit tax in Russia. They were well aware that they were receiving more than the rest, so they offered to replenish the state treasury. The volume of revenue from the tax is estimated by the government of the Russian Federation at 300 billion rubles.
Source: Rossa Primavera
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