Taxation

The State Duma proposed to abolish VAT on bottled water and food, the shelf life of which is coming to an end.

Finance Minister Anton Siluanov (pictured) said that business representatives who have received excess profits will already this year pay a one-time fee to the budget in the amount of 5% of excess profits.

Russian Finance Minister Anton Siluanov said that the collection of "voluntary contributions" from businesses to the budget this year will be one-time, while there is no question of raising taxes.

Kremlin spokesman Dmitry Peskov said that the government hopes for "understanding" on the part of business when the authorities decide to impose an additional fee on entrepreneurs.

The European Union (EU) has included the Russian Federation in the "grey list" of tax jurisdictions that, according to the EU, do not fully comply with international tax standards. The list consists of 16 positions, most of which are offshore.

While the benefit is valid until 2024.