Sber group to pay windfall tax of up to 3 billion rubles by November 30

MOSCOW. Aug 25 (Interfax) - The Sberbank group intends to pay up to 3 billion rubles to Russia's federal budget as part of the windfall tax, and the group plans to transfer the funds by December, thereby taking advantage of calculating the payment at the 5% rate rather than the 10% rate, Sberbank's press service told reporters.

"Based on the final version of the law on excess profit tax, as signed by the Russian president, the Sberbank group will pay up to 3 billion rubles to the budget. We plan to remit the amount as a security deposit by November 30, 2023," the press service said.

"There is a possibility in the draft law for early payment of this tax in this case as well. If the law remains in the form in which it was implemented, then our payment will be about 10 billion rubles. I think that we will take advantage of the early payment provision, thereby reducing the amount of payment," Sberbank CEO Herman Gref he said in April at a press conference following the annual general shareholders' meeting.

The bank attributes the reduction in payment to changes the final version of the law compared to the original version of the bill. However, the lending institution has not specified what exactly led to the reduction in the amount of the windfall tax. "The final text of the law has changed compared to the original version, thus the amount has changed," Gref explained.