TaxAdministrationRussia unveils tax breaks for O&G industries

Russia unveils tax breaks for O&G industries

The Russian Finance Ministry has unveiled a series of tax break proposals for the oil and gas industries

The
Russian
Finance Ministry
has released a draft document outlining a series of tax
break proposals for oil and gas industries as part of its fiscal policy strategy
for 2009-2011.

The draft document, to be reviewed by the Russian government on April 3,
includes proposals to cut the mineral extraction tax, change excise duties on
high quality oil products and introduce tax breaks for exploration on the
continental shelf, The Guardian reports.

Alexei Kudrin, the Russian Finance Minister, whose ministry is in charge of
tax policy, signalled last week he would propose a cut to the mineral extraction
tax by lifting the non-taxable threshold to $US15 (?7.5) a barrel from the
current $US9.

The increase will result in a much sought after break in the heavily taxed
$US4.20bn-a-year industry, which accounts for about 0.25% of Russia’s projected
2009 gross domestic product.

Further reading:

Kremlin investigates BP’s tax affairs

Read
story in The Guardian

Related Articles

LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

19h Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

2w Emma Smith, Managing Editor
HMRC issues updated Trusts Registration Service guidance

Administration HMRC issues updated Trusts Registration Service guidance

2w Emma Smith, Managing Editor
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

2m Austin Clark, Reporter
Are you ready for the Trusts Registration Service?

Administration Are you ready for the Trusts Registration Service?

3m Helen Thornley, ATT Technical Officer
Advisers bullish despite Brexit concerns

Accounting Standards Advisers bullish despite Brexit concerns

1y Fraser Simpson, Reporter
Brexit: Five questions accountants should be asking

Accounting Firms Brexit: Five questions accountants should be asking

1y Fraser Simpson, Reporter