The law on the excess profit tax was adopted in the first reading

© Фото: сайт Госдумы РФ

The State Duma in the first reading adopted the draft law on the tax on excess profits. Its author was the government of the Russian Federation "in order to generate additional revenues for the federal budget".

As previously reported, the bill proposes to establish a tax on excess profits for organizations whose average arithmetic profit for 2021 and 2022 turned out to be above 1 billion rubles. 

"The tax base [for him] is calculated as an increase in the arithmetic mean of profit for the year 2021 and profit for the year 2022 over the arithmetic mean of profit for the year 2018 andprofits for the year 2019, and the tax rate is set at 10%," the draft law says. 

Deputy Finance Minister Alexei Sazanov, speaking in the State Duma, said that 20% of the tax would be on the extraction of solid minerals, 19% on fertilizer producers, 13% on metallurgists, 12% on trade, 9% on banks. According to him, there will be about 2.5 thousand taxpayers in total, that is, less than 3% of the total number of organizations, clarified "Kommersant".

More on the topic: The Kremlin does not discuss the issue of re-levying a tax on excess profits

With the payment of the excess profit tax, the authorities expect to replenish the budget by 300 billion rubles and direct this money to the social sphere.