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Russian budget to lose RUB 200 billion after oil tax changes

June 25, 2014, 19:02 UTC+3 MOSCOW
The government will elaborate the final version of the bill and will approve it until Saturday, Finance Minister Anton Siluanov said
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© ITAR-TASS/Anton Tushin

MOSCOW, June 25. /ITAR-TASS/. The Russian budget will lose 200 billion rubles ($5.9 billion) in 2015, after the government changes taxation of the oil industry, Finance Minister Anton Siluanov told reporters Wednesday.

“This is a complicated construction which will inflict a 200 billion ruble loss to the federal budget in the first year,” he said.

Incomes of oil companies will decrease by 130 billion rubles ($3.8 billion) in 2015, by 100 billion rubles ($2.9 billion) in 2016 and by 50 billion rubles ($1.4 billion) in 2017 after the changes, a source close to the government told PRIME late 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, if this bill is approved, companies will lose money in the first three years only after the introduction of the new rules. In 2018, companies' overall profit will be higher than in 2014 by 300 billion rubles ($8.9 billion).

An earlier version of the bill stipulated raising fuel oil export duties to 100% of the crude export ones from 66%. In this case, oil companies would lose 400 billion rubles ($11.8 billion) in 2015, a federal government official told PRIME.

The government will elaborate the final version of the bill and will approve it until Saturday, Siluanov said.

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