The RF Ministry of Energy proposes to reduce the customs duties and excise taxes on petrol.

The RF Ministry of Energy proposes to reduce the customs duties on petrol and excise duties on petroleum products in order to reduce the effects of tax reforms for the oil industry. On Monday Alexander Novak, the Energy Minister, posted the proposals to Arkady Dvorkovich, the Deputy Prime Minister for fuel and energy sector, (the text is in "Izvestia"). The experts predict that only part of the initiatives will be able to overcome the "veto" of the Ministry of Finance. The fiscal authority does not approve the prospect of the imposing of a tax on the financial results and the reduction of excise duties. According to the participants, the RF Ministry of Energy offers will increase the tax burden on the industry and the return on investment in long-term projects, as well as hit the consumer by an increase of the fuel prices.