Russia's State Duma has issued a release announcing the approval of the draft law for the introduction of an excess profits tax on companies with average revenue exceeding RUB 1 billion in 2021 and 2022. The tax will be levied at a rate of 10% on the difference in the average profit in 2021 and 2022 as compared to the average profit in 2018 and 2019. The law will enter into force on 1 January 2024 and the tax will need to be paid by 28 January 2024. Although not noted in the release, the tax…