Austrian Raiffeisen Bank to pay up to EUR 100m of windfall tax to russian budget

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Austria’s Raiffeisen Bank International (RBI) group estimated the costs of paying the one-off special tax introduced by the russian authorities in the amount of up to 100 million euros.

Although certain terms and aspects of the windfall tax law are unclear and subject to interpretation it is expected that in case companies transfer 50% of the windfall tax in the form of a voluntary security payment to the russian Federal Budget in the fourth quarter of 2023, then they may actually reduce the effective tax rate of windfall tax to 5%, RBI said in interim consolidated financial statements.

The bank clarifies that in case of payment of an additional tax to the budget of the russian Federation after the beginning of 2024, the costs for this will amount to approximately 100 million euros.

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