7 Dec 2023 09:24

Russian budget collects 305 bln rubles from windfall profit tax - Siluanov

MOSCOW. Dec 7 (Interfax) - Russian budget revenues from the windfall profit tax totaled 305 billion rubles according to the latest data, Finance Minister Anton Siluanov said.

"We see that the measure and expectations from this measure worked. The total amount of revenue that we planned to collect, more than 300 billion rubles has come into the budget. To be precise, 305 billion rubles as of this week," Siluanov said in an interview with Izvestia.

This is in line with the authorities' initial expectations. They planned to collect 300 billion rubles with the tax.

The one-off tax for large companies whose average profit for 2021 and 2022 was more than 1 billion rubles goes into effect on January 1, 2024. The tax rate will be 10% of the amount of excess profit for 2021-2022 over the same figure for 2018-2019. The tax must be paid no later than January 28, 2024 and its amount is calculated by taxpayers themselves. However, companies were given the option to slash the tax in half to an effective rate of 5% by paying a deposit between October 1 and November 30, 2023. All potential payers of the tax publicly stated plans to take advantage of the 5% option.