MOSCOW, February 26. The Federation Council approved the law on increase of excise duty on fuel from April 1, 2016, adopted in three readings by the State Duma. According to the estimates of the Ministry of Finance of the Russian Federation the price of gasoline and diesel fuel will rise by about 5%, extra Federal budget revenues will amount to about 90 billion rubles by the end of the year.
The state Duma approved the increase from April 1 of excises on gasoline and diesel fuel
The law amends article 193 of the Tax code of the Russian Federation according to which from 1 April 2016, increase the rates of excise duties on motor gasoline, directly distilled gasoline, diesel fuel and middle distillates. In particular, the excise rate for gasoline increased by 2 rubles. per 1 liter of gasoline. The excise tax on motor gasoline of the 5th class, valid from 1 April to 31 December 2016, will be 10130 rubles. for 1 ton. The excise rate on diesel fuel is proposed to increase from 1 April to 1 RUB. per 1 liter of diesel fuel.
The Ministry of Finance of the Russian Federation, according to Deputy Minister Yury Zubarev, awaiting the rising cost of gasoline per year below inflation. “The rise in gasoline prices until the end of this year will be … even below the consumer price index. Expect that price growth will be within these limits and will be about 5%,” – said the Deputy head of the Ministry of Finance.
He noted that the measure “aims to replenish the revenue side of the budget.” “At current oil prices, falling revenues estimated at 1.5 trillion rubles, a significant sum. Therefore, being sought all avenues for revenue mobilization”, said Zubarev. The Department expects that the economic effect from this measure is estimated to 89.3 billion rubles for 2016, and these funds will not be credited to the regional road funds, as was the case with excise taxes on fuel so far, and the Federal budget. Thus “he will be able to guarantee neumegen as a regional road Fund and Federal road Fund”, said the Deputy Minister.
The Finance Ministry expects growth of gasoline prices in 2016 by 5% at an oil price of $30 per barrel
The senators will closely monitor the situation in the fuel market after April 1, said Chairman of Committee of Federation Council on budget and financial markets Sergey Ryabukhin. He noted that when discussing the act at the Committee meeting “voiced concerns” about the risks that can expect a market “in the enforcement of these amendments”. The speaker of the Federation Council Valentina Matvienko gave a legal assignment to the Committee on the budget monitor law enforcement practices approved by law.
In 2016, on the proposal of the Ministry of Finance the excise tax on fuel was increased, from 1 January the rate of gasoline Euro-5 increased by 36.1%, or 2 rubles., up to 7,53 rubles per liter, and on diesel fuel by 20.3%, to 4.15 rubles. per liter. Last time twice in one year, the excise tax was raised in 2013. Assessment of Rosstat, in 2015, inflation in Russia amounted to 12.9%, gasoline prices rose 4.8%. This year’s budget pegged to inflation, not exceeding 6.4% (December 2016 to December 2015).