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Russia’s Finance Ministry to decide on oil industry taxation by end of February

January 16, 15:16 UTC+3 MOSCOW
For 2017 the Finance Ministry has retained the total tax burden on the oil industry at the level of 2016
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© Vladimir Smirnov/TASS

MOSCOW, January 16. /TASS/. The Finance Ministry is going to form the final position on taxation system of the oil industry by the end of February, Director of Tax and Customs Policy Department at the Ministry Alexey Sazanov told TASS.

"I think that we will come to the final decision before the end of February. We expect that the new regime for the oil industry - instead of benefits and in the framework of pilot projects at brown fields - will come into force on January 1, 2018," he said.

Sazanov added that the Finance Ministry is now finalizing the relevant draft law. "It is in its final stage. After that we will definitely show it to companies and will discuss it with them during meetings in the Finance Ministry," Sazanov said.

For 2017 the Finance Ministry has retained the total tax burden on the oil industry at the level of 2016. However, Finance Minister Anton Siluanov has repeatedly stated that the issue of reforming taxation of the oil industry requires urgent solution.

Export duty on oil in Russia from February 1, 2017, according to the Russian Finance Ministry estimates, will increase by $10.4 dollars and will reach $89.5 per tonne, according to the Finance Ministry.

Currently, the export duty on crude oil totals $79.1 per tonne. The average price of Urals oil for the monitoring period from December 15 to January 14, 2017, amounted to $52.53 per barrel, or $383.5 per tonne.

According to the Finance Ministry, duty on high-viscosity oil will rise to $13.9 from $12. Preferential duty rate on oil for a number of fields in East Siberia, Caspian fields and Prirazlomnoye field due to the new calculation formula adopted in the framework of the tax maneuver in the oil industry, from February 1, 2015, will remain at zero.

In addition, duty on light oil products and oils will total $26.8 per tonne, on dark - $89.5. Duty on export of commercial gasoline will rise to $26.8, straight-run gasoline - to $49.2 from $43.5 per tonne. The duty on liquefied natural gas remains at zero, and the duty on coke will rise to $5.8 from $5.1 per tonne.

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