The Russian Ministry of Finance recently published Guidance Letter No. 03-03-06/1/97405 of 13 October 2023 on the procedure for calculating and paying the excess profit tax established by Federal Law No. 414-FZ of 4 August 2023 (previous coverage). The letter clarifies that taxpayers subject to the excess profit tax may reduce the amount of tax due by up to half by paying an advance security payment (deposit) during the period 1 October 2023 to 30 November 2023. The security payment is then …