MOSCOW, August 29. /TASS/. RusHydro plans to make a security payment on windfall tax by the end of November, with the amount of payment estimated at 499 mln rubles ($5 mln), according to the company’s report under International Financial Reporting Standards (IFRS).

"The company intends to make a security payment on windfall tax to the federal budget in the period from October 1 to November 30, 2023 in the amount of 499 mln rubles," the report said.

Russia’s Federation Council (upper house of the parliament) passed a bill imposing a 10-percent windfall tax on large companies on July 28. The law is to take force on January 1, 2024.

The tax must be paid no later than January 28, 2024, according to the document. It will be paid solely to the federal budget and will be a one-time fee, with around 300 bln rubles ($3.4 bln) worth of additional revenues expected.

The bill suggests imposing a windfall tax on entities whose average profit for 2021 and 2022 exceeded 1 bln rubles ($11.5 mln), defining that the tax base for this tariff is calculated as the increase of the arithmetic mean value of profit for 2021 and profit for 2022 over the arithmetic mean value of profit for 2018 and profit for 2019, while the tax rate is set at 10% Meanwhile, if a certain amount of funds (of security payment) is virtually transferred to the federal budget in 2023, the tax may actually equal the amount calculated at the rate of 5%, while those funds will be set off against the windfall tax, the government said earlier.