Collection of excess profit tax already totals $3.4 bln — Finance Minister

Business & Economy December 26, 2023, 14:42

Anton Siluanov also noted that most companies chose to pay tax early at a rate of 5%

MOSCOW, December 26. /TASS/. Federal budget revenues from the excess profit tax currently amount to 315 billion rubles ($3.4 bln), Russian Finance Minister Anton Siluanov said in an interview with the Rossiya-24 TV channel.

"The budget included 300 billion [rubles], today this figure is 315 billion [rubles] The federal budget has already received this amount from this tax," Siluanov said.

He also noted that most companies chose to pay tax early at a rate of 5%.

For large companies whose average pre-tax profit for 2021-2022 exceeded 1 billion rubles ($10.8 mln), the so-called excess profit tax was introduced. It is 10% of the excess profit for 2021-2022 over the same indicator for 2018-2019. The tax must be paid by January 28, 2024. However, its amount can be halved if a taxpayer transfers the security payment in the period from October 1 to November 30, 2023. It was previously reported that tax revenues are planned in the amount of 300 billion rubles ($3.2 bln), they are one-time in nature.

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