The project: the Russian Federation will have 195 billion rubles from freezing the rate of duty on oil

The project: the Russian Federation will have 195 billion rubles from freezing the rate of duty on oil


Russia’s Finance Ministry had originally proposed in 2016 to get in the budget of 600 billion rubles of additional revenues at the expense of the oilers, however after protests from companies and relevant agencies request has been reduced.

MOSCOW, 24 Oct. The Federal budget will receive 195,4 billion rubles from keeping the current rates of export duty on oil in 2016, according to the draft budget for 2016, released on Friday at the base laws of the state Duma.

According to the document, by maintaining the rates of export duties on oil at 2015 (42%) compared to the previously anticipated reduction to 36% under the “tax maneuver” the budget will receive an additional 195,426 billion rubles, or 199,414 billion rubles without taking into account the reduction in income tax on profits payable to the Federal budget, the growing tax burden on the oil and gas sector.

Due to changes in tax rates on mineral extraction for Gazprom’s revenues will grow by 112,397 billion (114,691 billion without taking into account the reduction of income tax).

Russia’s Finance Ministry had originally proposed in 2016 to mobilize in the budget of 600 billion rubles of additional revenue due to the oil. After sharp protests from companies and relevant agencies request has been reduced.