Russia mulls cutting MET for tungsten production

MOSCOW, Apr 7 (PRIME) -- The Industry and Trade Ministry has suggested including tungsten in the list of rare metals to reduce the mineral extraction tax (MET) for its production to 4.8% from 8%, the ministry said in a statement late on Wednesday quoting Minister Denis Manturov.

The ministry also wants to zero the tax for molybdenum until January 1, 2025.

The other measures to reduce the tax burden on the metals producers comprise a rental ratio of 1 for rare metals, and put titanium and zirconium on the list of rare metals to apply a 0.1% decreasing rental ratio for the producers, the ministry said.

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