PRESS: Finance Ministry can backdate steel excise duty adjustment

MOSCOW, Sep 26 (PRIME) -- Russia’s Finance Ministry has prepared adjustments to the Tax Code, which change the cut-off price for steel excise duty to 30,000 rubles from U.S. $300 per tonne retrospectively from August 1, Kommersant business daily reported on Monday citing sources.

According to the ministry’s evaluation, the budget will lack 24.9 billion rubles of income in 2022 due to the adjustment, but the collected excise duty will amount to 38 billion rubles in 2023.

The ministry also plans to increase the mineral extraction tax on coal production temporarily from January 1, 2023 through March 31, 2023 to 380 rubles per tonne of anthracite, cocking coal and energy coal, to attract additional 30 billion rubles annually to the budget.

The combined rent taxes on Russia’s metals and mining industry, including the mineral extraction tax, export duties on coal and fertilizers, and the steel excise duty, will amount to 270 billion rubles in 2022, 217 billion rubles in 2023, 226 billion rubles in 2023, and 232.2 billion rubles in 2024, according to the authority.

(58.1006 rubles – U.S. $1)

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