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Russian Finance Ministry suggests higher mineral extraction tax rate

The ministry also suggests introducing the excise on natural tax purchased for ammonia production in the amount of $26.62 per 1,000 cubic meters

MOSCOW, June 3. /TASS/. The Russian Finance Ministry suggests increasing the mineral extraction (MET) tax rate for iron ore from 4.8% to 6.7%, according to the draft law on amendments to fiscal legislation presented to the State Duma, the lower house of the Russian parliament.

The rent coefficient is proposed to be increased by more than twice when computing the tax for apatite-nepheline, apatite and phosphate ore and to be introduced for potash salt in the amount of 8.8.

The ministry also suggests introducing the excise on natural tax purchased for ammonia production in the amount of 2,400 rubles ($26.62) per 1,000 cubic meters.