State Duma approves project of redistribution of incomes from oil products excise duties

The State Duma’s Committee on Budget and Taxes at the Monday meeting recommended the lower house of the Parliament to adopt a bill, which will distribute revenues from excise taxes on petroleum products between the federal budget and road funds of the Russian entities, on first reading. This is reported by the Interfax.

The bill, prepared by the Ministry of Finance, suggests that from May 1, 2016, 23% of the revenues from the excise taxes on petroleum products will be transferred to the federal budget, and the share of the revenues payable to the regional budgets will be reduced from 100% to 77%.