Yandex.Taxi pays windfall tax of 1.7 bln rubles in 2023 - annual report

MOSCOW. April 2 (Interfax) - Yandex.Taxi LLC, part of Yandex , paid 1.7 billion rubles in excess profit tax, the so-called windfall tax, in 2023, the company said in its annual report to Russian Accounting Standards.

The company said that it paid the windfall tax at the 5% rate.

The Russian government implemented the one-off windfall tax on January 1, 2024, for large companies whose average respective profits exceeded 1 billion rubles for 2021-2022. The tax rate is 10% of the excess profit for the two-year period over the same figure for 2018-2019. Taxpayers had to pay the windfall tax no later than January 28, 2024, calculating the amount themselves.

However, a company could have reduced the effective tax rate to 5% if it transferred a security payment from October 1 to November 30, 2023.

Yandex Taxi boosted revenue 30.3% to 149.6 billion rubles and net profit rose 21.6% to 31.9 billion rubles in 2023, according to the annual report.