The Russian Union of Industrialists and Entrepreneurs stated that there are no conditions for the introduction of a tax on excess profits

There are currently no conditions for the introduction of a windfall tax for Russian companies, as many enterprises operate at a loss. This was announced on April 6 by the head of the Russian Union of Industrialists and Entrepreneurs (RSPP) Alexander Shokhin.

"All the mechanisms in the tax code are in place [for the introduction of taxes]. But the other thing is that there is no profit. Many are sitting at a loss," TASS quoted him as saying.

According to Shokhin, the issue of the tax was raised at a closed meeting of major businessmen with Russian President Vladimir Putin on March 26. One of the participants in the meeting then announced his intention to transfer part of his family savings to the state, after which Shokhin raised the topic of windfall tax.

The head of the Russian Union of Industrialists and Entrepreneurs recalled that the tax calculation formula was developed jointly with the Ministry of Finance and the Ministry of Economic Development. It involves comparing profits for the last two years with the previous two: if excess profits are identified, they are taxed.

"We are ready to discuss windfall tax, for example, but it does not depend on how much money to raise, but on whether there is profit, especially super profit," Shokhin explained.

He noted that the Ministry of Finance has an estimate of the amount needed to cover the budget deficit, but the agency is trying to reduce it by reducing costs without introducing new taxes. At the same time, companies currently have no excess profits, which means there is no reason to charge windfall tax, he concluded.

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On February 27, a bill on the introduction of a tax on excess profits for the banking sector in Russia was submitted to the State Duma (State Duma). It was clarified that as part of the measure, it is proposed to introduce a one-time tax on additional profits earned by banks in the period from 2025 to 2026.

Later, on March 27, Deputy Finance Minister Alexei Sazanov said that the Ministry of Finance was not considering the introduction of a tax on excess profits for certain industries.

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