Investing.com – The Ministry of Finance expects to receive an additional 290 billion rubles in the budget. per year by increasing the tax burden on the oil industry. The day before, the government approved the amendments to the Tax Code proposed by the financial department, which, in particular, imply the complete abolition of tax benefits on mineral extraction tax and export duty for super-viscous oil and the development of depleted fields, as well as adjustments to the additional income tax (APT), writes Kommersant with reference on the statement of Minister Anton Siluanov.
According to the publication, the abolition of the privilege for super-viscous oil will affect primarily Lukoil (5 million tons) and Tatneft (3.5 million tons). For the latter, this could lead to the cancellation of the expansion of the Ashalchinskoye field, says Andrey Polishchuk from Raiffeisenbank.
In general, from this measure, the Ministry of Finance expects an increase in the budget of about 80 billion rubles. income per year. He can get the same amount from the income-added tax adjustment. Even more – up to 100 billion rubles. should give the abolition of benefits for mineral extraction tax for depleted fields. According to the newspaper, we are talking about an annual production of about 200 million tons. At the same time, the Ministry of Finance does not abandon plans to reduce the export duty on oil to zero by 2024 while increasing the MET.
Rosneft, Surgutneftegaz and Lukoil may suffer the greatest losses from the cancellation of the depletion benefit, the newspaper notes. In addition, the Ministry of Finance intends to cancel the export duty exemptions for ultra-high-viscosity oil fields, which will bring another 30 billion rubles to the budget. in year.
The state-owned Rosneft (which produces about 1 million tons of extra-viscous oil) can partially compensate for losses from tax innovations with incentives for the Priobskoye field in the total amount of 46 billion rubles. in year. The Ministry of Finance has already submitted the corresponding bill to the government. The incentives will apply provided that the price of Urals oil is higher than the base price set in the budget – for 2021 ($ 43.2 per barrel). In addition, the Ministry of Finance will postpone the benefits for the Payakhskoye field, which Rosneft and Neftegazholding are going to jointly develop, until 2021.
“The benefits will be accompanied by investment agreements and tight control from the Ministry of Finance,” Siluanov said.
Apparently, the situation was arranged by the head of the company Igor Sechin, since a commentary appeared on the Rosneft website, where the new tax maneuvers of the Ministry of Finance were called logical.
“In the context of a serious reduction in budget revenues and the need to fulfill the state’s obligations in the social sphere, the actions of the Russian government and the Russian Ministry of Finance to find additional sources of budget revenues are logical and deserving of support,” the company said in a statement.
Raising taxes for the oil industry is not the only measure proposed in the amendments to the Tax Code. As Investing.com already wrote, it is also planned to increase the tax burden on metallurgical and chemical enterprises, as well as to raise the excise tax on cigarettes by 20%. These measures together should bring the budget more than 200 billion rubles. in year.
The text was prepared by Alexandra Shnitnikova