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Russian oil companies to lose 280 billion ruble profit after tax changes

June 25, 2014, 10:09 UTC+3 MOSCOW
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MOSCOW, June 25. /ITAR-TASS/. Incomes of Russian oil companies will decrease by 130 billion rubles in 2015, by 100 billion rubles in 2016 and by 50 billion rubles in 2017 after the government changes taxation rules for the industry, a source close to the government said on Tuesday.

The latest version of the bill on oil industry tax changes implies a gradual decrease of oil export duties while the mineral extraction tax (MET) will grow.

According to the source, in case the bill is approved, companies will be losing money only during the first three years after the introduction of new rules. In 2018, companies' overall profit will be higher than than it was in 2014 by 300 billion rubles.

An earlier version of the bill stipulated raising fuel oil export duties to 100% of the crude export from 66%. In this case, oil companies would lose 400 billion rubles in 2015, a federal government official said.

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