PRESS: Finance Min mulls significant amendments of oil income tax

MOSCOW, Jul 14 (PRIME) -- The Russian Finance Ministry plans to revise the added income tax in the oil industry significantly, news daily Izvestiya reported Tuesday, citing a bill. 

In June, Deputy Finance Minister Alexei Sazanov told Reuters that the tax was the biggest mistake in his career and that the Russian budget lost 213 billion rubles of income from the tax experiment in 2019.

Izvestiya reported that the coefficient of mineral extraction (MET) tax of the added income tax can rise by 50% until the end of 2023 and then cut to 1. The mechanism will be applied to the deposits in the middle of the development cycle. The amendments will also restrict a taxable income cut by losses and revise the reserve estimates for the calculation of incentives.

(70.7479 – U.S. $1)

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