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The Ministry of Finance is preparing an alternative system of taxation for the oil industry


The Ministry of Finance acknowledged that the further increase in the Mineral Extraction Tax (MET) through the introduction of a new term in the calculation formula can lead to a sharp drop in oil production in Western Siberia and the Komi Republic. Therefore, the Ministry started to develop an alternative option for the taxation of the oil industry.

The draft document "Main directions of tax policy for the 2017-2018 year" said that, as an alternative option, it is proposed to consider the completion of the so-called "tax maneuver", which includes the abolition of duties on oil products and crude oil, increasing the mineral extraction tax on oil and the correction of excises for oil products.

Budget losses from the abolition of the duties will be compensated at the expense of the commensurate increase of the MET for gas condensate and crude oil.

In order to stimulate the internal oil refining market, it is planned to introduce a compensation mechanism of the negative excise taxes on oil.

This option also involves the rejection of providing customs subsidies on oil within the EAEU.

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