Russia Finalizing Windfall Tax on Large Companies

Russia's Ministry of Finance is reportedly finalizing the draft law for the implementation of a windfall tax on large Russian companies. As previously reported, the tax will be levied on the excess profits of large companies in 2021 and 2022 and is expected to raise approximately RUB 300 billion. The tax will be a one-time mandatory contribution equal to 10% of profits, although a reduced rate of 5% will apply for early payment in 2023. Further details will be published once available.