Revenues from windfall tax projected at over $7 bln in 2027-2029

Revenues from windfall tax projected at over $7 bln in 2027-2029 The tax rate on windfall profits for companies in the mining and metals sector will be 20% for gold and 30% for other commoditiesMOSCOW, October 1. /TASS/. Revenues from the windfall tax on companies operating in the mining and metals sector will amount to 200 bln rubles ($2.4 bln) per year in 2027-2029, according to an explanatory note to the draft federal budget for the next three years. The document has been uploaded to the lower house of parliament’s electronic database. The tax rate on windfall profits for companies in the mining and metals sector will be 20% for gold and 30% for other commodities. The tax base will be determined on the basis of the volume of the mineral resource extracted in the corresponding year and the amount by which its average global market price exceeds the average price for 2025, considering readjustment provided for in the bill. The obligation to pay the tax arises when the average price for 2026 exceeds the 2025 level by 10% or more. 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