Ministry: Govt approves bill on business’ contribution to budget

MOSCOW, Jun 13 (PRIME) -- The government has approved a bill on a one-time contribution of businesses to the federal budget from their excessive profits, the Finance Ministry said in a statement on Tuesday.

“A bill was approved today at a Russian government meeting that sets a tax on excessive profits of large companies with some exceptions,” the statement read.

Minister Anton Siluanov told reporters that the money would be spent on targeted support of families with children.

“A bill on taxation of excessive company profits was considered by the government today. It will be applicable to the large businesses with profits of more than 1 billion rubles. Some of their profits will be transferred to the budget. We agreed that if the companies pay this tax this year, it will amount to 5%. The money from this contribution will be allocated to compliance with the priority liabilities of the state, I mean social spending,” he said.

“As per our agreement with the social block, we will allocate these resources to support families with children and under last year’s decisions on targeted support of the families in need.” (82.6417 rubles – U.S. $1)

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