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Federation Council approves higher income tax for LNG exporters

The tax amount will be credited half and half to the federal budget and budgets of regions

MOSCOW, November 16. /TASS/. The Federation Council, the upper house of the Russian parliament, approved the law increasing the income tax rate to 34% for liquefied natural gas (LNG) exporters at the meeting on Wednesday.

The document was initiated by the Russian Government.

"The tax rate is set as 34% in 2023-2025 fiscal periods for entities carrying the business of liquefied natural gas production and exported at least one batch of liquefied natural gas on the basis of a license for the exclusive right of gas export until December 31, 2022 inclusive," the document reads.

The tax amount will be credited half and half to the federal budget and budgets of regions.