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Russia plans to reduce mineral extraction tax payments for several companies

Russian Prime Minister Mikhail Mishustin noted that the definition of the tax base would become more transparent

MOSCOW, October 31. /TASS/. Mineral extraction tax payments for companies producing metals for high-tech industries will be reduced - they will fall under a single tax rate of 6%, Russian Prime Minister Mikhail Mishustin said.

"A bill has been prepared that will reduce mineral extraction tax payments, primarily for companies that produce metals that are important for many high-tech industries and that form the basis of unique coatings for products in electronics, electrical engineering, metallurgy, mechanical engineering and, of course, medicine and the space industry. Such producers will fall under a single mineral extraction tax rate of 6%," he said at a government meeting.

The Prime Minister noted that the definition of the tax base will also become more transparent. Now it will depend on the content of such metals in the concentrate and their prices on the world market.

"Thanks to the proposed measures, producers will have an additional quarter of a billion rubles a year at their disposal, which can be used to expand investment and development, which is especially important now when it is necessary to create new jobs," Mishustin added.

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