On 13 October 2023, the Russian Ministry of Finance (MoF) issued Guidance Letter No. 03-03-06/1/97405 outlining the process for calculating and paying excess profit tax. The letter specifies that taxpayers liable for the excess profit tax have the option to lessen their tax liability by as much as 50% if they make an advance security payment between 1 October 2023 and 30 November 2023.
The security payment is applied to decrease the excess profits tax, which must be paid by 28 January 2024. If the security payment equals half of the calculated excess profits tax, this payment alone satisfies the tax obligation on 28 January 2024 and no additional tax payment is necessary.
