MOSCOW, July 24 At the final meeting on Friday, the senators will consider the law on the tax on excess profits of companies, at the same time determining the list of organizations that will not pay it.
In order to increase federal budget revenues, the document provides for one large companies whose average pre-tax profit for 2021-2022 exceeded one billion rubles.
At the same time, the law exempts IT companies from excess profit tax profit of the company established after 2020, small and medium-sized enterprises, payers of the unified agricultural tax. Companies in the oil and gas sector and coal mining are also exempt from this tax, since additional tax exemptions for the mineral extraction tax and a damper for motor fuel are already provided for them this year, the Ministry of Finance explained earlier.
The list of payers of excess profit tax also excludes developers who implement projects with the attraction of citizens' funds through escrow accounts (provided that these organizations did not pay dividends in 2021 and 2022); credit and non-credit financial institutions in respect of which, as of January 1, 2023, measures were taken to prevent bankruptcy with the participation of the Bank of Russia and the DIA; companies that had no sales revenue in 2018 and 2019.
In addition, a special tax calculation procedure is established for companies whose profits more than halved in 2022 compared to 2021. For them, the amount of excess profit tax should not exceed 10% of profit for 2022, provided that they did not pay dividends in 2021 and 2022.
The excess profit tax rate will be 10% of the excess profit for 2021-2022 over the same indicator for 2018-2019. The tax is paid no later than January 28, 2024, and its amount is calculated by taxpayers independently.
When adopted, the law should come into force on January 1, 2024. The authorities of the Russian Federation are planning to attract 300 billion rubles to the federal budget through the excess profit tax. These funds are planned to be used to support and develop the social sphere.