PRESS: Russia may impose excess profit tax on small oilfields

MOSCOW, Apr 25 (PRIME) -- The Finance Ministry has requested from the association of independent oil companies Assoneft justification for the allocation of small and ultra-shallow deposits in a new group of excess profit tax, business daily Vedomosti reported on Tuesday citing a letter by a ministry official.

Association CEO Yelena Korzun put forward the initiative in early March saying that the economic position of the independent companies developing small and very small oilfields had deteriorated significantly.

"(The companies) are cutting costs as much as they can only to pay taxes," she told Vedomosti.

A source with knowledge of the discussion said that the ministry could send draft amendments to the Tax Code to the State Duma, parliament's lower chamber, in September.

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