Min: Budget may receive 160 bln rbl/yr from higher taxes 2022–2024

MOSCOW, Sep 22 (PRIME) -- Russia’s federal budget may receive about 160 billion rubles of revenue per year in 2022–2024 thanks to a higher tax burden on producers of metals, coal and fertilizers, Finance Minister Anton Siluanov told reporters late on Tuesday.

“We have several areas right now, discussion of changing the taxes: these are metals production, steel, coking coal, fertilizers. We plan to collect about 160 billion rubles from all these areas,” Siluanov said. The sum was included in the 2022 draft budget and the similar figures were included in the draft budget for 2023–2024, he added.

The ministry plans to reach a compromise with businesses regarding a retrospective hike in the corporate profit tax soon. The measure will apply to companies that spent more on dividends over the last five years than on investment.

“There is no differentiation, it simply depends on the amount of dividends to the level of capital,” he said, adding the measure may apply to all industries. “Only few companies fall under this,” he also said, adding that “banking structures won’t be affected.”

Siluanov also said that measure will not affect undistributed profits of previous years.

“We have prepared legislative decisions to encourage companies to leave more money in Russia: to invest in new projects and pay out less dividends. This is why such amendments have been prepared and are being discussed with the business community,” Siluanov said, adding that the measure will only affect companies’ future profits.

(73.2067 rubles – U.S. $1)

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