Russia wants to introduce a 10% tax on excess profits of banks and commodity companies

In Russia, they want to introduce a 10% tax on excess profits. As Izvestia found out, such a bill will be submitted to the State Duma on April 25 by the leader of the Fair Russia – For Truth faction, Sergei Mironov. According to the document reviewed by Izvestia, it will affect banks and commodity companies.

"The draft law proposes to establish a tax on excess profits for organizations whose arithmetic average profit for 2024 and profit for 2025 turned out to be above 1 billion rubles, determining that the tax base for this tax is calculated as an increase in the arithmetic average of profit for 2024 and profit for 2025 over the arithmetic average of profit for 2021 and profits for 2022, and the tax rate is set at 10%," the explanatory note says.

It also notes that in 2023, the Federal Law "On the Tax on excess Profits" was adopted, according to which 318.8 billion rubles were transferred to the federal budget system, which reduced the level of budget deficit.

The adoption of this bill, the document says, will provide an additional source of funding for the implementation of priority national projects and government programs aimed at supporting the social sphere, healthcare, education and infrastructure, as well as agriculture and other areas.

"Thanks to this, the budget will receive hundreds of billions of rubles of additional revenue, and this money will go to healthcare, education and social support. We propose to pay the tax on excess profits in 2026 based on the results of this year's work. In our opinion, it should primarily apply to banks, raw materials companies and organizations involved in the production and export of liquefied natural gas," Sergei Mironov explained to Izvestia.

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On November 12, 2024, it became known that the State Duma had prepared a bill to introduce a tax on excess profits for enterprises in the coal and oil and gas industries. According to preliminary estimates, about 200 billion rubles of additional funds may be allocated to the budget due to the innovation.