The state predicts that the reimbursement of excise taxes on oil for refining to refineries will continue to grow in 2021-2023.
“In the forecast period, against the background of a gradual recovery in oil prices after their significant drop in 2020 (as a result of which the damping component of the excise took a positive value for a number of months of 2020), the refund of the excise tax on oil raw materials sent for processing is forecasted,” a note to the draft budget of the Russian Federation.
Thus, in 2021, compensation may amount to 108.4 billion rubles, in 2022 – 217.5 billion rubles, in 2023 – 313.2 billion rubles.
The draft budget for 2021-2023 submitted to the State Duma also contains estimates of the shortfall in budget revenues for 2021 from the provision of a tax deduction for mineral extraction tax at the Vankor and Priobskoye fields of Rosneft.
According to a document published on the parliament's website, the shortfall in income from the severance tax benefit for the Priobskoye field is estimated at 45.96 billion rubles, at the Vankor field – 36.408 billion rubles.
As reported, on Wednesday, the State Duma adopted in the final, third reading a law on the possibility of providing from 2021 a monthly infrastructure tax deduction of 3.83 billion rubles for Rosneft at the Priobskoye field and on reducing the “cut-off price” of oil, at which a deduction is provided at the Vankor field.
The privilege for the Priobskoye field is unlimited, but it is granted if the oil price at the end of the month exceeds the baseline ($ 43.4 per barrel in 2021). The exemption does not apply if the oil price is below the base price. The law introduces a threshold for the deduction – no more than 459.6 billion rubles.
In terms of benefits for the Vankor field, the procedure for applying the so-called infrastructure tax deduction for MET has been changed. According to the current legislation, a subsoil user of the Vankor cluster (Rosneft (MCX: ROSN)) can receive a mineral extraction tax deduction in the amount of expenses for infrastructure built for the subsoil plots of the fifth tax group. Now Rosneft can get the right to a deduction if the price of Urals oil exceeds the base oil price set by the RF Budget Code (in 2020, $ 42.45 per barrel). The passed law gives the company the right to receive a tax deduction during periods when the price of oil will be above $ 25 per barrel.
The amendments will enter into force on January 1, 2021. The Accounts Chamber, in its opinion on the draft law, reproached the Ministry of Finance for the lack of sufficient calculations to assess the budgetary consequences of the adoption of the law.