Legislative Tracking in Focus

Windfall tax: puzzling out the details

We have been keeping an eye on the new tax initiative since this February, when the Ministry of Finance first announced its plans to withdraw a part of big businesses’ windfall tax generated thanks to the favourable market conditions.

The initiative has evolved since then: from a voluntary contribution and an increased income tax rate to a lump-sum mandatory tax payment.

Recently, the bill on the windfall tax finally reached the State Duma.

Let us dive into the details in our new LT in Focus.