Companies leaving the market in the Russian Federation will be obliged to pay an extraordinary tax
[ad_1]
Foreign companies that want to leave the Russian market will have to pay an “extraordinary tax” or a one-time levy on excess profits. Bloomberg writes about the development of such plans by the Russian authorities with reference to sources.
Earlier, “Vedomosti” wrote with reference to sources that the Ministry of Finance has prepared a bill on the tax on excess profits for Russian companies. His goal is to increase budget revenues in the conditions of war and sanctions. As Bloomberg writes, there will be no exception for foreign companies leaving the Russian market – they will also have to pay an extraordinary tax – in addition to the other requirements put forward to them, including the permission of the special commission of the Ministry of Finance or the sale of assets at a 50% discount.
“There will be no exceptions, because the budget needs money,” said anonymous Bloomberg sources. The Ministry of Finance of Russia did not respond to the agency’s request for comment.
As Bloomberg notes, large Western banks UniCredit and Raiffeisen, as well as, for example, Volkswagen, are now awaiting permission from the Russian authorities to leave the country.
It is assumed that the extraordinary tax will amount to 10%. They will be taxed on the profit received in 2021-22, if it exceeded 1 billion rubles. When paying in the current year, half the tax rate may be applied. With the help of these measures, the government wants to attract an additional 300 billion rubles to the budget. At the same time, oil and gas and coal companies will be exempted from the tax.
According to Bloomberg, Russia’s budget deficit as of April 17 is already almost 40% higher than the annual deficit target. According to the latest data of the Ministry of Finance, the expenses since the beginning of the year almost double the income. If foreign companies exiting the market sell assets worth $15-20 billion, as they did last year, the state will be able to attract up to 150 billion rubles through an additional tax, Bloomberg calculated.
[ad_2]
Original Source Link
