Putin Orders Windfall Tax on Russian Companies to Help Fund War

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President Vladimir Putin approves a windfall profit tax on large Russian companies as the government seeks additional sources of income to help fund its war in Ukraine

on large Russian companies as the government seeks additional sources of income for the budget against the backdrop of massive spending on its war in Ukraine.

Companies will be subject to a 10% tax paid on the difference in profit in 2021-2022 compared with 2018-2019. The law that comes into force in January will apply to businesses that made an average annual profit of more than 1 billion rubles in that period.

 

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