Tax changes for oil industry to be discussed in June

A meeting of the Presidential FEC Commission, which will discuss tax changes in the oil industry, is scheduled for June, the RIA Novosti reported, refering to Energy Minister, Alexander Novak.

Earlier on May 24th, Lukoil’s head Vagit Alekperov stated that President Vladimir Putin had supported his initiative to consider the tax chanes at the next meeting of the Presidential FEC Commission.

The tax changes, which are implemented from 2014, provides for the gradual increase of MET on oil with the concurrent reduction of export duties on light oil products and crude oil. As a result, the export oil duty in 2014 is based on a formula, which includes coefficient 0.59 to the average monitoring price. In 2015, the coefficient should reach 0.57, and in 2016 - 0.55