Deputies obliged large enterprises to pay tax on excess profits in 2021-2022

The State Duma adopted in the third reading a bill on a one-time tax on excess profits of large enterprises whose average annual profit before taxes in 2021-2022 exceeded 1 billion rubles.

They will need to pay 10% of the excess of the average profit for 2021-2022 over the figure for 2018-2019 by the end of January 2024. The authorities expect the collection to bring in 300 billion rubles.

The rate will drop to 5% if the company pays excess profit tax early - before the end of November 2023.

The draft, discussion of which began in the spring of 2023, has a number of exceptions. Thus, the requirement to pay excess profit tax was removed from oil and gas and coal enterprises, producers of agricultural goods, small and medium-sized enterprises and companies created after 2020.