Shatalov: Windfall profits tax for the oil industry is irrelevant now

Introduction of the windfall profits tax to the oil industry and alteration of the acting taxation order is irrelevant now and must be discussed in long-term prospect, deputy Minister of Finance Sergey Shatalov believes.

The idea of windfall profits tax is that the tax is minimal in the beginning and the end of development. The tax is much lower than the acting taxes for a concrete deposit and the payments are much higher than in the framework of the acting scheme within the period when the extraction is maximal. Thus, during the whole period of operation the revenues to the budget remain the same, though the tax load on the company is lower within some periods.