PRESS: Fin Min offers to raise MET on coal production

MOSCOW, Feb 11 (PRIME) -- The Russian Finance Ministry has offered to raise the mineral extraction tax (MET) on non-hydrocarbon mineral resources to hurt the coal industry most, business daily Kommersant reported on Tuesday, citing sources in the government.

The ministry suggests a new addend to the coal MET, depending on the global energy and coking coal market situation. The addend will not be used once exports prices fall beyond a certain level.

The measure will allow the government to raise revenue by 40 billion rubles per year and will depress margins of coal companies by 3 percentage points on average to 21% in the conditions of 2018. The Finance Ministry believes it acceptable.

The ministry also offered technical changes in calculation of the diamond MET and a higher MET on fertilizers.

(63.7708 – U.S. $1)

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