The Budget Committee of the State Duma plans to consider the draft law on the severance tax on September 21

The Budget Committee of the State Duma plans to consider the draft law on the severance tax on September 21

The Budget Committee of the State Duma plans to consider the draft law on the severance tax on September 21

The State Duma Budget Committee at a meeting on September 21 plans to consider amendments to the Tax Code (TC) in terms of clarifying and adjusting certain parameters for calculating income tax from hydrocarbon production, as well as adjusting the mineral extraction tax, follows from the committee's agenda. The document was published on the website of the parliamentary budget committee.

The bill was considered by the government this week. They talked about adjusting the parameters of the MET, the abolition of tax incentives for MET for mature fields and super-viscous oil and the introduction of the so-called rental coefficient of 3.5 to the MET rate for metallurgists and fertilizer producers.

An Interfax source in the State Duma specified that the document is planned to be considered in the first reading at a plenary session of the State Duma on September 22. At the moment, it is being finalized and has not yet been introduced.

As reported at the beginning of the week, the Ministry of Finance submitted to the government a draft amendment to the Tax Code, which involves a significant adjustment of the mechanism for levying additional income tax (APT) for the oil industry. It is proposed to expand the list of fields subject to the AIT, revise a number of production factors, at the same time it is planned to cancel a number of tax benefits for mature fields and super-viscous oil, as a result of which the government expects to receive additional revenues of 260 billion rubles in 2021.

Another innovation of this bill concerns the introduction of a rental coefficient (K-rent) in the amount of 3.5 to the MET for most types of solid minerals, including potash salts (the current rate is 3.8%), apatite-nepheline, apatite and phosphorite ores (4%), ores of ferrous and rare metals (now – 4.8%), nepheline, bauxite, natural salt and pure sodium chloride (5.5%), conditioned ores of non-ferrous metals (8%), as well as multicomponent complex ore containing copper, nickel and platinum and mined in the Krasnoyarsk Territory (the current rate is 730 rubles / ton). It is proposed to increase the severance tax from January 1, 2021, which will give the Russian budget about 56 billion rubles a year.

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