The Ministry of Finance of the Russian Federation has found a compromise with business on the excess income tax for the mining and metals industry

The Russian Ministry of Finance held a meeting with business and discussed the introduction of a tax on excess profits for mining and metallurgical companies; a compromise was found on this issue, Russian Finance Minister Anton Siluanov told reporters.

Earlier, the Kommersant newspaper, citing a letter from the Russian Union of Industrialists and Entrepreneurs (RSPP) to Siluanov, reported that the union expressed disagreement with the bill introducing a tax on excess income.

“We actually did a very good job, met with business and found a compromise on the excess income tax. They were most concerned about this tax. We made sure that those who had spikes smoothed them out there,” Siluanov answered the question of whether the Ministry of Finance received a corresponding letter from the RSPP regarding this tax and the ministry’s position on it.

Earlier, the press service of the Ministry of Finance reported that the draft budget of the Russian Federation for 2027–2029 provides for additional adjustment of the taxation of natural rent: in the mining and metals sector, a tax in the amount of 30% of the additional income received as a result of the increase in world prices for solid minerals to the level of the base year 2024 is introduced for gold, and for gold - 20%.

Then the ministry noted that this was due to a sharp increase in world prices for precious and non-ferrous metals and fertilizers in 2025. The Ministry of Finance added that the introduction of the tax will strengthen the income of all levels of the country's budget system.