Putin raises tax burden on oil, gas companies in 2023-2025

MOSCOW, Nov 21 (PRIME) -- Russian President Vladimir Putin signed on Monday a budget-forming law to increase the tax burden on the gas and oil companies in 2023–2025.

The document ensures additional withdrawal of 50 billion rubles a month, or a total of 1.8 trillion rubles from Gazprom in 2023–2025. It also moves forward adjustment of the mineral extraction tax on natural gas to January 1, 2023 instead of July 1.

The measures were initially supposed to bring over 2 trillion rubles to the state coffers.

The law sets the profit tax for exporters of liquefied natural gas (LNG) at 34% in the period. The law applies to the producers that have exported at least one batch of gas until the end of 2022.

The law also keeps the price discount taken into account in determining the damper for automobile gasoline until the end of 2025.

(60.3741 rubles – U.S. $1)

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