Support The Moscow Times!

Oil, Gas Taxes to Change

The government will prepare changes in taxation rules for the development of the nation's vast oil and gas resources by October, imposing tax holidays for five to 15 years, Deputy Finance Minster Sergei Shatalov said Friday.

Shatalov told journalists that tax breaks for offshore operations will be split into four categories depending on the profitability of a project.

He also said the ministry has proposed reviewing gas sector taxes twice a year and aims to receive an additional 50 billion rubles ($1.7 billion) in mineral extraction taxes from natural gas in 2013, followed by 150 billion rubles a year in 2014 and 2015.

(Reuters)

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.