OREANDA-NEWS The fees for the excess profit tax, which Russian companies must pay no later than January 28, 2024, may exceed the planned 300 billion rubles, but the increase will not exceed 5 percent (15 billion rubles). This was stated by Deputy Finance Minister Alexei Sazanov in an interview with RIA Novosti.

The official recalled that companies can reduce payments by half if they transfer funds in the period from October 1 to November 30, 2023. In this regard, he admitted that there would be no excess at all.

The Russian authorities have introduced a one-time fee for large companies whose average pre-tax profit for 2021-2022 exceeded one billion rubles. They must pay 10 percent of the excess amount over the same indicator for 2018-2019.

Sazanov previously explained that every fifth payer of the tax will be a miner of solid minerals, almost the same share of fertilizer producers. Another 13 percent will fall on metallurgists, 12 percent — on enterprises from the sphere of trade, and 9 percent — on banks. They want to direct the funds to finance the social sphere.

Small and medium-sized businesses, as well as companies established after January 1, 2021, oil and gas and coal companies and developers implementing projects involving citizens' funds in shared-equity construction managed to avoid paying the tax.