Russia approves higher mineral extraction tax for energy firms

MOSCOW, Jun 19 (PRIME) -- The Russian government has risen the mineral extraction tax for gas giant Gazprom for October-December and prolonged the higher tax for the company and oil companies to 2020 as well as adjustment to inflation of excise taxes in 2020, as seen by PRIME on the government’s Web site late on June 16.

The mineral extraction tax was raised for Gazprom only for 2016, but in 2017 the government increased it again and prolonged the measure until 2020. The Finance Ministry said the step will add 170 billion rubles to the budget in 2017 and 125-130 billion rubles in 2018-2019.

A higher mineral extraction tax will add 140, 175 and 210 billion rubles to the budget in 2017, 2018 and 2019, respectively, according to the ministry.

Prime Minister Dmitry Medvedev said the steps will provide the 2020 budget with an extra 380 billion rubles.

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