Oil companies are ready to agree to a third of tax growth, proposed by Russian Ministry of Finance

Oil companies may agree only to the third of the increase in the tax burden in 2016, proposed by Russian Ministry of Finance. This was told by sources, familiar with the negotiations.
Last week, the Ministry of Finance proposed to change the dollar rate, used to calculate the tax on mineral extraction tax (MET), taken as a basis the rate before the ruble devaluation at the end of 2014, which actually would lead to the increase in the tax. The proposals of the Ministry will allow the budget to additionally receive 600 billion rubles in 2016 on account of profits of the oil companies, thus solving the problem of the budget deficit. The proposals have caused a storm of criticism on the part of oil companies and relevant agencies. According to the sources, the Ministry of Finance’s proposals won’t be accepted in full.

"The consensus of the Ministry of Finance and the oil companies for additional revenues in the budget of 2016 will make up about 200 billion rubles," - said one of the sources, familiar with the negotiations.
Another interlocutor of the agency said that if before the Finance Ministry saw the foundation of the additional revenue charges in MET, now it works out the option to increase the revenue from export duties. The sources voiced two possible scenarios: conversion of the duty similar to the MET or freezing of the duty level.