Finance Ministry says not to raise corporate profit tax in 2024

MOSCOW, Dec 28 (PRIME) -- Russia’s Finance Ministry does not plan to raise the corporate profit tax in 2024, but will consider the idea for the next budget cycle, Minister Anton Siluanov told reporters late on Wednesday.

“The budget has been approved, for 2024 finally. And the years of 2025–2026 are a new budget cycle, we will consider the main directions of the taxation policy, the business is preparing some proposals, I know,” he said.

“We will interact with the businesses and consider their proposals,” he added.

The Finance Ministry has not included the windfall income tax into the 2024 budget, he said.

According to Siluanov, money of the National Wealth Fund can be used in 2024 in case of a low oil price. Under the current budget rule, it is possible if the Urals oil blend price falls below U.S. $60 per barrel, he said.

Siluanov also said that both the revenue and the spending of Russia’s 2023 federal budget are expected to exceed the planned figures.

“We will have higher figures in both revenue and spending terms. Why? Both the revenues and the spending have increased. First of all, non-energy, by 3.1 trillion rubles. Energy revenue is in line with the plan, 8.9 trillion, or maybe near 9 trillion rubles,” he said.

The minister also said that Russia continues and will continue diamond exports despite sanctions.

(91.7051 rubles – U.S. $1)

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