The Ministry of Finance named the volume of expected revenues from the mineral extraction tax on oil

MOSCOW, 28 Sep — PRIME. The Russian Ministry of Finance estimates additional budget revenues from the proposed increase in the mineral extraction tax on oil in 2023-2025 in the amount of 629 billion rubles, follows from amendments to the Tax Code of the Russian Federation submitted to the State Duma.

“The bill also provides for an increase in the tax burden on organizations engaged in oil production for the period from January 1, 2023 to December 31, 2025,” the explanatory note to the amendments says.

“In the implementation of the measures established by the federal law…expected… additional severance tax revenues from oil production in the amount of 208 billion rubles in 2023, 213 billion rubles in 2024, 208 billion rubles in 2025,” the financial and economic justification for the bill says .

Thus, in total over three years, the increase in the MET on oil can give the budget 629 billion rubles.

Read This Now: Trillions of dollars in savings could lead to $ 1BTC of $ 100,000

GAS MET

The Ministry of Finance of Russia estimates additional budget revenues from adjusting the MET for gas in 2023-2025 at more than 2 trillion rubles, follows from amendments to the Tax Code of the Russian Federation submitted to the State Duma.

The MET on gas is estimated at 628.3 billion rubles in 2023, 699.9 billion rubles in 2024 and 749.6 billion in 2025, for a total of 2.078 trillion rubles.

The bill provides for additional tax exemptions from Gazprom – monthly at 50 billion rubles from January 1, 2023 to December 31, 2025 – and an adjustment from July 1, 2023 of the tax rate when calculating the MET on natural gas.

According to the current legislation (Article 342 of the Tax Code), the tax rate for the extraction of natural gas from all fields is 35 rubles per thousand cubic meters. At the same time, the specified tax rate is multiplied by the base value of a unit of conventional fuel (CFU) and by a coefficient characterizing the degree of difficulty in extracting natural gas and (or) gas condensate from a hydrocarbon deposit (HC).

Read This Now: Leaders of the Visegrad Four discussed the energy crisis and Ukraine

The resulting product is summed up with the value of the indicator characterizing the cost of transporting combustible natural gas (NG). At the same time, according to the draft law, a new indicator, KKG, will be added to the specified tax rate. It is assumed that the indicator from July 1, 2023 to June 30, 2024 takes the value 134, from July 1, 2024 to June 30, 2025 – 285, and from July 1, 2025 – 305.

Earlier in July, an increase in the mineral extraction tax for Gazprom in September-November 2022 by 416 billion rubles a month was approved – a total of 1.248 trillion rubles.