Putin signs 19 bln rbl MET hike for ALROSA in Feb–Mar 2023

MOSCOW, Dec 28 (PRIME) -- Russian President Vladimir Putin has signed a bill increasing the mineral extraction tax (MET) for diamond mining giant ALROSA by 19 billion rubles for February–March 2023, according to the documents released on the portal of legal information on Wednesday.

The bill is associated with an amendment to the Budget Code, signed earlier by the president, that contributes 46% of income from the MET on diamonds to the federal budget, and 54% to the regional budgets from March 10, 2023 through May 10, 2023, while previously 100% of the income was transferred to the regional budgets.

According to Sergei Romanov, head of the Finance Ministry's department for budget methodology and financial reporting in the public sector, the MET increase should allow the republic of Yakutia to compensate for revenue shortfalls connected with ALROSA’s decision to pay no dividends.

(69.9346 rubles – U.S. $1)

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