RUSSIA: Windfall Tax On Big Business To Finance The War

As published on: thecorner.eu, Friday 16 June, 2023.

Russia has announced a windfall tax on its large companies as a method of financing the war. Putin’s government announced a bill to levy a one-off 10% windfall profits tax on large Russian companies, the country’s Finance Ministry said on Tuesday. It targets companies that annually generated more than 1 billion roubles, or $11.9 million, in profits from 2021, according to the announcement. The new levy could raise about 300 billion roubles, or $3.6 billion, for the country’s coffers, in joint taxes, according to estimates by First Deputy Prime Minister Andrei Belousov.


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