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Russia’s budget receives $3.52 bln from windfall tax, including $36.52 mln in 2024

These funds are meant to support government programs, particularly those that benefit business and the social sphere

MOSCOW, January 31. /TASS/. The Russian federal budget received 318.8 bln rubles ($3.52 bln) from the windfall tax on business, including 3.3 bln rubles ($36.52 mln) paid in 2024 at a rate of 10%, the Ministry of Finance said in a statement on its website.

"The federal budget received 318.8 bln rubles in revenue from the windfall tax on large companies. These funds are meant to support government programs, particularly those that benefit business and the social sphere. Deposits totaled 315.5 bln rubles at the end of 2023, with 3.3 bln rubles received in 2024. The tax payment deadline is January 28, 2024, and the tax rate is 10%," the Ministry said.

The tax on corporate surplus profits is a one-time measure, no further levies are envisaged, according to the Ministry of Finance. The real amount of tax collection exceeded the predicted figure of 300 bln rubles ($3.31 bln). Only major enterprises with an average profit before taxes of more than 1 bln rubles ($11.06 mln) in 2021-2022 are required to pay the tax.

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