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Ministry of Finance of the Russian Federation has announced the plans to reduce the oil taxes

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Ministry of Finance of the Russian Federation has announced the plans to reduce the oil taxes

Ministry of Finance of the Russian Federation has announced the plans to reduce the oil taxes
September 07
16:00 2016

Deputy Finance Minister Ilya Trunin told the reporters that the Ministry of Finance was planning to reduce the export tax on oil and increase the severance tax on oil in 2017 as it had been envisaged by the tax maneuver.

In particular he said: “The Law on Customs Tariff reads that the tax on oil will be 30 percent in 2017 and later. Today we do not go out with a proposal to somehow change this figure. We have no desire to make it 42 percent or 36 percent next year. “

The journalists wanted to know if the severance tax on oil would increase according to the plan. Trunin answered: “If we continue to maneuver, yes. Now we are going on. “

Regarding to the tax maneuver it was planned to reduce the coefficient in the calculation formula of the export tax this year from 42 percent to 36. In addition, it was planned to increase the simultaneous coefficient in the calculation of the severance tax on raw materials to 857.

The MET rates have increased, but the country’s leadership decided not to reduce the tax, hoping to receive about 200 billion rubles from the oil companies.

The tax maneuver suggests that the MET will increase from 857 to 919, and the fee which was equal to 42, will drop to 30 percent next year.

In April Reuters reported that the Ministry of Finance was studying the possibility of the further increasing of the severance tax on raw materials in 2017. This should bring the budget 100-200 billion rubles to compensate the fallen income due to the oil tax defrosting.

Fitch and S & P reported in June that the next year the Russian authorities may continue the increased load on the oil companies.

Trunin did not answer the question whether the Government was planning to withdraw the taxes from the gas industry. He noted that the initiatives on the balancing of the budget in the coming three years would be presented by the Ministry of Finance during the second half of September.

In addition, the Deputy Finance Minister noted that the Ministry of Finance did not put forward proposals to establish a progressive scale of the income tax in 2018.

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