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Putin signs law on oil industry tax maneuver

November 25, 2014, 18:43 UTC+3 MOSCOW
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MOSCOW, November 25. /TASS/. Russian President Vladimir Putin has signed a law on the tax maneuver in the oil industry, according to a document posted on the government’s legal information website on Tuesday.

The tax maneuver is set to reduce export duties on oil by 1.7 times and petroleum products by 1.7-5 times gradually over the next three years and simultaneously raise the minerals extraction tax on oil by 1.7 times and gas condensate by 6.5 times.

Excise duties on petroleum products will be reduced gradually to prevent oil petroleum product price hikes on the domestic market and minimize negative shocks for some sectors of the economy.

The tax maneuver specifies the procedure of calculating decreasing coefficients for the oil extraction tax and the oil export duty to maintain existing fiscal stimuli in the oil extraction industry.

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