Politics · Russia · 10 hrs ago
Russia to discuss windfall tax proposals with business group
Russia’s Finance Ministry plans to discuss business proposals on the windfall tax with the Russian Union of Industrialists and Entrepreneurs, a business group.
Deputy Finance Minister Alexey Sazanov said the ministry would hear the group’s ideas, but did not give details.
Windfall tax revenue is already included in the budget, and the related budget package has been sent to the State Duma.
Sazanov said changes that reduce expected extra revenue are highly unlikely.
The ministry does not plan separate meetings with individual industries.
The exact tax receipts from fertilizer producers are not yet known because officials need year-end 2026 fertilizer prices to calculate them.
Exchange rates and commodity benchmarks have raised projected gas and mineral-tax revenues from fertilizer producers.
Russia’s Finance Ministry will discuss business proposals on the windfall tax mechanism with the Russian Union of Industrialists and Entrepreneurs.
State Secretary and Deputy Finance Minister Alexey Sazanov said the effect of any proposals would depend on how much additional revenue they generated.
Windfall tax revenues are already included in the budget, and the relevant budget package has been submitted to the State Duma.
Sazanov said changes that reduce expected additional revenue are highly unlikely.
The exact potential tax receipts from fertilizer producers depend on year-end 2026 fertilizer prices.
- Who
- The Russian Finance Ministry and the Russian Union of Industrialists and Entrepreneurs. Deputy Finance Minister Alexey Sazanov announced the planned discussion.
- What
- They will discuss business proposals on the windfall tax mechanism.
- When
- Sazanov made the announcement on October 19. The discussion date was not stated.
- Where
- Dushanbe, where Sazanov spoke to reporters.
- Why
- The ministry will hear the proposals, but their effect depends on the additional revenue they would generate.
This story does not have two clearly opposing sides.
The relevant budget package, including windfall tax revenues, had been submitted to the State Duma.
Sazanov said the Finance Ministry would meet with RSPP to hear its proposals on the windfall tax mechanism.
Fertilizer prices at year-end will be used to calculate exact potential tax receipts from fertilizer producers.
- Meeting counterpart
- Russian Union of Industrialists and Entrepreneurs (RSPP)
- Official
- Alexey Sazanov, State Secretary and Deputy Finance Minister
- Budget status
- Windfall tax revenues already budgeted
- Budget package
- Submitted to the State Duma
- Fertilizer tax estimate
- Depends on year-end 2026 fertilizer prices
What people are saying
Revenues from the windfall tax are already budgeted. Therefore, we will certainly meet with our RSPP colleagues to hear their proposals. Ultimately, however, it will depend on the amount of additional revenue generated by their suggestions. It is too early to discuss this in detail.
In any case, the revenues are already accounted for, and the relevant budget package has been submitted to the State Duma. Consequently, any changes that would lead to a reduction in expected additional revenues are highly unlikely.
We need to wait for the year-end fertilizer prices for 2026 to calculate the exact figures.