Ministry to define one-time business contribution after March 25

MOSCOW, Mar 15 (PRIME) -- The Russian Finance Ministry will set the size of a one-time contribution of businesses to the budget after March 25 when all the companies submit their corporate income tax reports with the contribution to be paid in October–December, Deputy Minister Alexei Sazanov told reporters on Wednesday.

“We will be able to define the rate of the contribution only after the corporate income tax reportsa for 2022 are filed, which happens on March 25,” he said.

“It looks like the contribution should happen in the fourth quarter, and the basis for that would be the increase of the tax base of 2021–2022 as compared with 2018–2019,” Sazanov pointed out.

The companies whose profits grew in the period will have to contribute some of their profits. Oil and gas companies, coal producers, small businesses, and the companies whose net pretax profits did not exceed 1 billion rubles in 2021–2022 will be exempt. No exemptions were made for banks, he said.

Finance Minister Anton Siluanov said previously that the one-time measure should add around 300 billion rubles to the budget in 2023.

(75.1927 rubles – U.S. $1)

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