Update - Russia's Excess Profit Tax

Russia has published Federal Law No. 414-FZ of 4 August 2023, which provides for the introduction of an excess profit tax on excess profits of companies in 2021 and 2022. Russia has also published Federal Law No. 415-FZ of 4 August 2023, which includes related amendments to the Russian Tax Code for the excess profit tax.

Taxpayers subject to the excess profit tax include Russian companies (organizations) and foreign companies operating in Russia through a permanent establishment, as well a…