Qiwi Group reportedly overestimated the overpayment of profit tax, with an estimated amount around 500 million rubles, according to materials cited by TASS. The company signaled an approach to settle liabilities early, stating plans to pay up to 0.5 billion rubles in the fourth quarter of 2023, potentially ahead of schedule. This move follows earlier statements from Qiwi that cast doubt on reaching an agreement with the Central Bank of the Russian Federation regarding the lifting of restrictions on Qiwi Bank’s operations.
In August, Russian President Vladimir Putin signed a law imposing a 10% excess profits tax on large enterprises. The measure creates an additional profit tax for companies whose average annual profit exceeded one billion rubles in 2021 and the following year. Under the new framework, taxpayers will calculate the appropriate amount themselves. The 10% tax is due by January 28, 2024, with a reduction in effective rate if a deposit is rolled over between October 1 and November 30 of the current year.
Earlier reports noted that scammers had begun pressuring Russians to withdraw funds from Qiwi wallets using a parallel transfer scheme. This broader context highlights ongoing regulatory and security challenges affecting Qiwi and its customers, as well as the broader tax changes impacting large corporations in Russia. The company has faced scrutiny amid the evolving policy environment and the potential implications for liquidity and compliance.
Market observers emphasize that decreases in bank activity caps and tightening tax rules could influence payments ecosystem players. Qiwi’s stated intent to settle portions of tax obligations ahead of deadlines may be part of a broader risk management strategy amid regulatory tightening and potential capital flow adjustments. Analysts note that similar measures for other large firms could become more common as authorities seek to bolster state revenues and simplify complex cross-border financial flows.
Replication of these developments underlines the importance for financial service providers to maintain robust compliance programs, monitor regulatory shifts, and communicate clearly with customers and stakeholders. The evolving tax regime and related enforcement actions are likely to shape operational priorities, risk assessment, and product offerings across digital wallets and payment platforms in the region.
As the situation unfolds, Qiwi and comparable firms may pursue strategic clarifications with regulatory bodies to align with policy changes while ensuring continuity of service for users. Stakeholders continue watching how the new profit tax framework will be implemented in practice and what this means for the profitability and capital planning of major payment service providers in Russia.