The bill “On excess profits tax” has been submitted to the State Duma. As stressed in the explanatory note, the document "was developed to generate additional revenues for the federal budget".
The tax rate will be 10% of the amount of excess profits for the years 2021-2022 over the same figure for the years 2018-2019. It will not take into account the profit received from the implementation of the agreement on the protection and promotion of capital investments. The tax is payable no later than January 28, 2024, and its amount is calculated by taxpayers themselves. The amount of the tax can be reduced by remitting a security payment payable by November 30, 2023 and not exceeding half of the tax. Funds from the tax will be used to support and develop the social sphere.
Excess profits tax will be credited exclusively to the federal budget and will be of a one-time nature. A number of organizations are excluded from paying this tax. These are, for example, companies of small and medium-sized businesses, organizations paying the single agricultural tax, Russian companies established after January 1, 2021 (except for organizations established as a result of reorganization), foreign companies which began their activities in Russia through permanent establishments after that date, as well as companies in the oil and gas sector and coal mining.
The tax rate will be 10% of the amount of excess profits for the years 2021-2022 over the same figure for the years 2018-2019. It will not take into account the profit received from the implementation of the agreement on the protection and promotion of capital investments. The tax is payable no later than January 28, 2024, and its amount is calculated by taxpayers themselves. The amount of the tax can be reduced by remitting a security payment payable by November 30, 2023 and not exceeding half of the tax. Funds from the tax will be used to support and develop the social sphere.
Excess profits tax will be credited exclusively to the federal budget and will be of a one-time nature. A number of organizations are excluded from paying this tax. These are, for example, companies of small and medium-sized businesses, organizations paying the single agricultural tax, Russian companies established after January 1, 2021 (except for organizations established as a result of reorganization), foreign companies which began their activities in Russia through permanent establishments after that date, as well as companies in the oil and gas sector and coal mining.