The State Duma approved in third reading the tax on excessive profits for companies

The contribution will have to be paid by organizations whose arithmetic average profit for 2021 and 2022 exceeded one billion rubles. The rate will be 10% on the amount of excess profit. Funds must be deposited before January 28, 2024. At the same time, the amount of the tax can be halved if paid from October 1 to November 30 of the current year. In this case, the rate will be 5%.

“Politics are not only decisions that cause applause, but also responsibility,” State Duma Chairman Vyacheslav Volodin commented on the adoption of the law by parliamentarians.

In the spring, the Russian Finance Ministry proposed forcing companies to pay a tax on excess profits. In June, the government, with some exceptions, supported the initiative of the finance department. Companies engaged in the production of energy resources and their processing, and participants in the register of small and medium-sized companies are exempt from the tax.

In addition, developers who implement projects with the participation of citizens’ funds through escrow accounts, credit and non-credit organizations, in respect of which measures are being taken to avoid bankruptcy, will not have to pay. Additionally, businesses that had no sales revenue in 2018-2019 are exempt from the tax.

The Russian budget deficit in April exceeded the plan for all of 2023 and amounted to 3.4 trillion rubles. However, in June, the indicator slightly decreased – by 816 billion rubles. Thus, the Ministry of Finance estimates the six-month deficit at 2.5 trillion rubles.