Ministry of Finance is willing to replace taxes by benefits: introduction of added income tax in oil industry is delayed

Against the background of the risk of falling production because of sanctions, oil companies have again raised the question in the Government on replacement of the current tax system in the industry by added income tax (AIT), which takes into account the cost of the deposits development. The Ministry of Finance, anxious for budget revenues, proposed to introduce AIT for areas, where there there are incentives on export duty. According to sources of the Kommersant, as a result the discussion may be delayed and the changes will not happen by 2015. Meanwhile, experts find possible the reduction of the oil production in Russia by 10-15% by 2020.