The Ministry of Finance approved the final version of the bill on the tax on excess business profits
The Ministry of Finance of Russia approved the procedure for regulating a one-time fee from excess business profits (we are talking about the so-called windfall tax). The document has already been sent to departments and business associations. He is asked to agree before May 10.
About it write Vedomosti, citing a letter from Deputy Finance Minister Alexei Sazanov, which was signed on April 28. Among the recipients of the document are the Ministry of Economic Development, the Ministry of Industry and Trade, the Ministry of Energy, the Ministry of Agriculture, the Federal Tax Service, the Accounts Chamber, the Ministry of Health, the Russian Union of Industrialists and Entrepreneurs (RSPP), the Institute of Legislation and Comparative Law under the government, Delovaya Rossiya.
It is noted that two bills were required for such a tax. We are talking about a separate document “On the tax on excess profits of past years” and amendments to Part 1 and Art. 270 h. 2 of the Russian Tax Code. It is also reported that they want to issue a one-time fee in the form of an “emergency tax.” To do this, it is proposed to fix a new type of tax in the code.
The Russian government began discussing the issue of paying a tax on excess business profits in February. The media reportedthat the rate of such tax in case of its early payment in 2023 will be 5%. And when paying tax next year, you will need to pay 10%. Amendments to the Tax Code, which provide for a one-time fee to the country’s budget from excess business profits for the period 2021-2022, come into force on January 1, 2024.