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Tax maneuver in Russia's oil sector to be completed in 2024, vows PM

This process will be completed gradually starting 2019

© Egor Aleev/TASS

MOSCOW, June 14. /TASS/. Tax maneuver in the oil sector will be completed in 2024 - abolishing export duty on oil and raising mineral extraction tax, Russian Prime Minister Dmitry Medvedev said on Thursday at a government meeting.

"We have started the final stage of the tax maneuver in the oil and gas industry, namely, abolishing export duty on oil and raising mineral extraction tax - for oil and gas condensate. This process will be completed gradually in six years, starting in 2019," he said.

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Putin hopes there will be no need for government to threaten oil companies

According to him, during the tax maneuver the government should take into account the risk of growing fuel prices on the domestic market.

"We have learned from the situation with rising fuel prices. In order to prevent this in the future, a number of serious innovations and mechanisms were proposed. We have decided to temporarily lower excise duties on gasoline and diesel fuel from July 1, and in order to compensate the regions for falling revenues we will change the structure of the distribution of excise duties between the federal and regional budgets," Medvedev said.

Medvedev instructed the relevant legislative initiatives to promptly finish and finally accept the terms of the tax maneuver at the next government meeting.

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