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Ministry of Industry mulls potential collection of extra revenues from certain companies

Sources in the industry told TASS earlier that Putin's aide had put forward the idea of taking out as much as $7.6 bln worth of bumper revenues from a number of Russian companies

MOSCOW, August 15. /TASS/. The Russian Ministry of Industry and Trade is holding consultations with metals and chemical companies on potential collection of extra revenues for the federal budget. The ministry will prepare its position soon, the ministerial press service told TASS on Wednesday.

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"The Ministry of Industry and Trade is holding consultations within the framework of deliberation of assignments of the president and the government with companies of metals and chemical industry. A probable impact of potential measures for collection of extra revenues earned by companies to the government budget on the economy is analyzed, including on investment plans of specific companies and the industry in large. The consolidated position on this issue will be prepared shortly," the ministry said.

Sources in the industry told TASS earlier that Presidential Aide Andrey Belousov had put forward the idea of taking out as much as 513.7 bln rubles ($7.6 bln) worth of bumper revenues from Russia’s top mining, chemical and petrochemical companies. The proposal relies on the fact that the tax rate in those industries is lower than that in the oil sector, while the profitability is higher. The plan is to use the funds for implementation of President Putin’s new package of decrees revealed this May.

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