We have been keeping an eye on the new tax initiative since this February, when the Ministry of Finance first announced its plans to withdraw a part of big businesses’ windfall profits generated thanks to the favourable market conditions.
The initiative has evolved since then: from a voluntary contribution and an increased income tax rate to a lump-sum mandatory tax payment.
On 4 August 2023, the law was signed by the Russian President.
We have already scrutinized the first reading version of the bill.