The Finance Ministry has come out against the introduction of a tax on excess profits of banks, proposed by deputies from A Just Russia. This was reported by Vedomosti, citing a representative of the department.
The bill, introduced on October 1 by a group of deputies led by Sergei Mironov , proposes to introduce a 10 percent tax on the excess of average bank profits in 2023–2024 over 2021–2022 figures. According to the authors’ calculations, the measure could bring the budget an additional 200 billion rubles in 2025.
The Ministry of Finance argues its position by the fact that from 2024 the corporate income tax rate has already been increased to 25%, which also applies to the banking sector. The department expects that thanks to changes in the Tax Code, the budget will receive an additional 2.6 trillion rubles in 2025
In 2023, Russia already had a one-time excess profit tax for large companies, including banks, at a rate of 10%. Revenues from it amounted to 318.8 billion rubles. The Ministry of Finance emphasized that this measure was a one-time one and its repetition is not planned.
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