American enterprises become top foreign tax contributors in Russia
American Newsweek reports that American enterprises paid more than CAD 1.2 billion in taxes in Russia in 2023, making them the most significant foreign taxpayers. This is an increase from 2021 when the amount was CAD 916 million.
In 2023, American companies became the largest foreign taxpayers in Russia, contributing over $1.2 billion CAD to the budget. Thus, American enterprises surpassed German and Austrian companies, which paid $693 million CAD and $579 million CAD, respectively.
Increase in taxes from American firms
Despite the ongoing war in Ukraine, American companies have increased their tax obligations in Russia. In 2023, they became the largest foreign taxpayers, demonstrating their significant presence in the Russian market.
Newsweek points out that foreign companies wishing to leave Russia must meet strict conditions, including a 15% exit tax and a 50% discount on asset sales. According to the American service, this may discourage U.S. companies from leaving Russia. In just the first quarter of 2024, the exit tax brought Russia $385 million CAD.
In the final days of Joe Biden's administration, comprehensive sanctions were imposed on more than 400 entities related to Russian energy, including Gazprom Neft and Surgutneftegas. These companies are responsible for a significant portion of Russian oil exports, and the sanctions cover every stage of trading this resource.
