The Russian Ministry of Finance has stated that there will be no increase in personal income tax rates and no reintroduction of the excess profits tax in 2023 and 2024. This assurance came from Deputy Minister Aleksey Sazanov following discussions with members of the business community. The ministry communicated the remarks directly for public record.
Deputy Minister Sazanov emphasized that there are no plans for sharp shifts in state tax policy in the coming year. He noted that neither a rise in personal income tax nor the reintroduction of an excess profits tax is anticipated within the current budget cycle or for 2024. The message was conveyed to stakeholders as part of ongoing efforts to provide policy clarity to the business sector.
During the remarks, Sazanov mentioned that in November a bill is expected to be adopted that would soften the impact on business of suspending certain provisions of agreements with unfriendly countries. He added that the Ministry of Finance is open to discussions about expanding the range of income types that would retain the pre-suspension tax rules, specifically highlighting international transport and freight revenues as examples. These steps are framed as part of a broader effort to maintain predictable fiscal conditions while addressing evolving international trade dynamics.
On November 1, it was reported that MPs are considering increasing the ceiling on tax contributions by up to five times, signaling a potential shift in how tax burdens could be distributed among different income brackets or sectors.
Earlier statements from Prime Minister Mishustin advised careful optimism and cautioned against overestimating quick changes to fiscal policy. The government curve remains focused on sustaining fiscal stability while engaging with business groups to monitor impacts and adjust policy as needed.