Russian authorities are considering a 20 percent windfall tax on corporate profits earned in 2025, the Interfax news agency reported, citing a source.

Putin directed relevant government agencies to work through the proposal on March 10, with a deadline falling today, April 10, the source said.

The tax would apply to the portion of a company’s 2025 profits exceeding its average profit in 2018–2019 — the same base period used to calculate the windfall tax on 2021–2022 profits, the source said.

Alexander Shokhin, head of the Russian Union of Industrialists and Entrepreneurs, said in late March that participants had discussed the windfall tax at a meeting between business leaders and Putin. “All the mechanisms are in the Tax Code. The question is that there are no profits — many companies are operating at a loss,” he said.

Russia’s Finance Ministry has not commented on Interfax’s report.

Putin signed a one-time windfall tax on large companies into law in August 2023. The formal rate that year was 10 percent, but companies could pay 5 percent if they made an advance security payment. The vast majority of companies took that option. It is unclear whether a similar early-payment mechanism is being discussed now.

The budget ultimately collected nearly 319 billion rubles from the windfall tax on 2021–2022 profits, though only 3.3 billion came in at the full 10 percent rate rather than the discounted 5 percent.