The Parliament has admitted in the second reading the law project about stimulation of gas production on shelf

The Russian Parliament has agreed the second reading the law  about the stimulation of gas production on the Russian continental shelf. The law  was brought to the Parliament  in the fifth convocation and agreed in the first reading in December 2012.

Under the law  elaborated for the second reading, the organizations are released from the property tax for the objects located on shelf, and from the value added  tax in the realization of the projects for the development of the new offshore hydrocarbon deposits. They also propose  the release from the payment export customs duties.

Mineral tax

The law  sets the mineral tax rates for the new hydrocarbons deposits at the continental shelf, with the start of production from January 1 2016. In particular, they set the duty rate of 30% for the deposits located in the Azov Sea and of 50% or more for those at the Baltic Sea, before the expiry of 60 months from beginning from the month following the month when fuel production began, but not later than March 31 2022.