UPDATE: Min: Govt to start completion of oil tax maneuver in 2019

(Adds comments in last two paragraphs)

ST. PETERSBURG, May 25 (PRIME) -- The Russian government plans to start completing the tax maneuver in the oil industry in 2019, First Deputy Prime Minister, Finance Minister Anton Siluanov said Friday at the St. Petersburg International Economic Forum.

“As far as oil companies are concerned, we plan to complete the so-called tax maneuver and reduce export duties… We’ve already made a decision to cut excise duties on oil products from July 1, this is like the first part of the oil and gas maneuver that will be implemented starting next year,” he said.

The government is currently finishing proposals on tax changes that will be in force during the next six years, he added.

The government plans to implement a whole range of budget and regulatory reforms to stimulate economic growth and plans to introduce new tax incentives to attract investors, Siluanov also said.

Siluanov also said that the government does not plan to introduce a sales tax.

The ministry also proposes to keep a personal income tax of 13% unchanged, but the final decision will be made by the government.

End