The Ministry of Finance and the Federal Tax Service of the aggressor country offered businesses to “retroactively” pay additional income tax for 2022 from the positive exchange rate difference.
Against the background of a full-scale invasion of Ukraine, the Ministry of Finance and the Federal Tax Service of the aggressor country offered businesses to “retroactively” pay additional income tax for 2022 from the positive exchange rate difference.
As The Bell reports, according to the calculations of the Russian Union of Industrialists and Entrepreneurs (RSPP), the entire economy in this case will be forced to pay an additional 1.8 trillion rubles in income tax this year, of which almost 270 billion rubles will go to the federal budget.
As the publication notes, the aggressor made such a “proposal” because against the background of the fall in the ruble rate caused by the Russian invasion of Ukraine, the country’s authorities allowed companies from 2022 to 2024 not to take into account the positive exchange rate difference when paying income tax until they repay the loan in foreign currency or close the foreign currency deposit.
After the ruble exchange rate began to strengthen, regional budgets lost a significant portion of the income coming from large exporters, and Russian companies began to demand from the authorities the return of “overpaid income” as the exchange rate strengthened.
In addition, the RSPP proposed to increase the 20% tax on profits of Russian companies by 0.5 percentage points in 2023.
The collapse of the Russian economy:
On the very first day of the attack on Ukraine, the combined wealth of Russia’s richest people decreased by $46.6 billion. According to the results of 2022, this figure almost reached 100 billion dollars.
At the end of June 2022, Russia was forced to declare a technical default on its sovereign debt – for the first time in a hundred years. This practically deprived Russia of the opportunity to borrow money abroad.
Throughout the year, various sanctions, including sectoral ones, were introduced against the Russian Federation. The strongest blow was the European embargo on the purchase of Russian oil and the introduction of a price ceiling for it.
According to the results of 2022, the deficit of the Russian state budget amounted to 3.3 trillion rubles ($49 billion), or 2.3% of the gross domestic product.