Russia: Oil companies to merge surplus into the budget.
Edited by Rhod Mackenzie / 2015-09-21 06:33:30
The RF Ministry of Finance wants to withdraw part of the income from the sector.
To close the holes in the deficit budget the government wants to use the "devaluation" revenues of oil producers. The RF Ministry of Finance proposes to increase the mineral extraction tax and export duty, withdrawing additional margin from the companies, which they received from the devaluation of the ruble. As a result, the budget will receive 400-500 billion roubles of additional revenue per year, which will keep the part of the reserves until 2019. For the oil producers this tax increase could lead to reduction in investments by about 20%.
