Russia approves tax cut to boost oil production
Russia has approved a tax cut as part of its measures to boost production as record prices hit
Russia has approved a tax cut as part of its measures to boost production as record prices hit
Russia’s parliament on Friday approved a tax cut as part of its effort to
boost the country’s oil production as record prices hit, which would save
Russian oil majors billions of dollars.
Deputies in the lower house voted to raise the tax-free threshold on oil
production from $9 (?4.5) to $15 a barrel from January 1, Forbes
magazine reports, citing Russian newsagency Interfax.
The cut was part of a bigger package which will save Russian oil producers
130 billion rubles ($5.5bn) and help boost production, Russian Energy Minister
Sergei Shmatko said.
‘We anticipate that extraction volumes will be maintained and even increase’
thanks to the measures, Shmatko told journalists. ‘We expect the money to be
spent on the development of new deposits,’ he said.
Read
the Forbes magazine story
The numbers you crunch tell a story. Your expertis...
16yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe upcoming tax changes in 2024 will significantly impact businesses and individuals in the UK. Accountants play a crucial role in helping clients na...
View articleUHY Hacker Young and audit engagement partner Martin Jones face fines of more than £300,00 following Laura Ashley audit breaches. Read More...
View articleIt is hard to argue that the Taxes Management Act 1970 (TMA), wouldn’t benefit from some substantial updating. It came into force back in the mists of...
View articleMorton became Tax Director of the Office of Tax Simplification, an independent office of HM Treasury, in 2017 Read More...
View articleThe Low Income Tax Reform Group believes the government should have included tax initiatives in its plans for disabled people and employment Read More...
View articleThe Upper Tribunal has rejected an appeal from HMRC in a case relating to the taxation of termination payments made to football player employees of To...
View articleThe revised guidance sets out the circumstances under which trustees need to disclose the identities of beneficiaries to HMRC Read More...
View articleAlthough the concept of a £1,000 tax-free allowance sounds very simple, there are a number of complexities of which taxpayers and advisers need to be ...
View article