Banks' excess profits tax is not under current discussion, stated the Ministry of Finance.
In a significant development, the Swiss Federal Council has presented a law proposal concerning the introduction of a tax on the excess profits of banks. This proposal comes as the SRZP leader, Sergei Mironov, has suggested that the budget for the next year will be in deficit, necessitating additional revenue sources.
The bill, if approved, would see banks paying a one-time tax on their excess profits. The excess profit for tax purposes would be calculated based on the average arithmetic value of profit for 2023 and 2024 compared to 2022 and 2021. Notably, banks will be exempt from the tax if they have no incomes for the specified period.
The LDPR, Fair Russia - For Truth, and CPRF parties have expressed their support for this bill, while United Russia and New People have shown skepticism. However, as of 14:00 Moscow time on the same day, the document had not been submitted to the lower house of parliament.
The net profit of banks in 2024 was 3.8 trillion rubles, higher than the 3.3 trillion rubles in 2023. In comparison, banks received 203 billion rubles in 2022 and 2.37 trillion rubles in 2021.
Leonid Slutsky, the LDPR leader, reported on September 6 that he had sent a letter to Prime Minister Mikhail Mishustin and Central Bank Chair Elvira Nabiullina proposing a mechanism for redistributing banks' excess profits in favor of the budget. However, the deputy head of an unspecified agency stated that there are no discussions regarding the introduction of a one-time tax on banks' excess profits.
The publication of this potential tax proposal was made in "Izvestia". According to Slutsky, banks received record incomes in conditions of high key rate, limited access to foreign capital, and reduced competition in the market. Mironov echoed this sentiment, suggesting that banks should be the first to pay increased taxes due to their high profits this year.
As of now, there is no mention of the current status of the bill in the State Duma, and no ongoing discussions or statements about the introduction of a one-time tax on banks' excess profits have been reported.
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