Russian finance ministry seeks to hike oil and fuel taxes

Pedestrians stroll previous Russia’s Finance Ministry constructing in Moscow, Russia March 30, 2021. An indication reads: “Ministry of Finance of the Russian Federation”. REUTERS/Maxim Shemetov

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MOSCOW, Sept 22 (Reuters) – A brand new Russian draft price range will purpose to attract in additional funds from oil and fuel producers whereas commodity costs are excessive, Finance Minister Anton Siluanov stated on Thursday, as a part of efforts by the federal government to sort out its price range deficit.

Kommersant each day stated on Tuesday, citing sources conversant in the discussions, that Russia was contemplating elevating taxes on the oil and fuel sector to the tune of three trillion roubles ($50 billion) in 2023-2025. learn extra

Siluanov instructed a televised authorities assembly the principle proposals for the brand new price range had been a rise in export obligation for pipeline fuel exports, taxes on liquefied pure fuel, and the introduction of export obligation for fertilizers and coal.

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The finance ministry additionally seeks to extend oil trade taxation by holding the so-called damping gas tax mechanism and modifications to a mineral extraction tax for crude oil, Siluanov stated.

The federal government expects the price range deficit to succeed in 2% of gross home product (GDP) subsequent 12 months and 0.7% in 2025.

RIA information company stated finance ministry expects this 12 months price range deficit at 0.9% of GDP, or 1.3 trillion roubles ($22 billion).

Siluanov stated the federal government plans to give attention to home borrowings to plug the price range hole.

In response to a doc seen by RIA information company, the ministry plans to borrow 1.7 trillion roubles ($28.7 billion) in 2023, 1.9 trillion roubles in 2024 and a pair of trillion roubles in 2025.

($1 = 59.2500 roubles)

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Reporting by Maxim Rodionov and Vladimir Soldatkin; Writing by Caleb Davis
Enhancing by Mark Potter and Jane Merriman

Our Requirements: The Thomson Reuters Belief Ideas.

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