The State Duma adopted in the second reading a government amendment to the Tax Code (TC), which specifies the parameters for calculating the MET in the event of a fall in oil prices below $ 15 per barrel. Now, when prices fall below this level, oil companies pay zero MET, after the amendments are adopted, they will pay about 428 rubles per ton. The amendment is included in the bill (N984526-7), which changes a number of excise issues in the oil sector.
The adopted document clarifies the coefficient used in determining the MET rate, which characterizes the dynamics of world oil prices (Cp), if their value at oil prices below $ 15 per barrel is less than zero. “As part of the decline in oil prices that was at the beginning of the year, in April we saw that under certain conditions we have there the values of Kt indicators used in calculating the MET – when the price is below $ 15 per barrel – may become negative. corresponding changes, that at a price below $ 15, the value of the Kc indicator cannot be negative, it will be equal to zero, “Sazanov said earlier.
The State Duma Committee on Energy opposed the adoption of this amendment and proposed to exclude provisions on zeroing the Kc coefficient in case of a decrease in oil prices. “If the bill is adopted, as a result, at prices below the specified level ($ 15 – IF), taxpayers will be forced, instead of applying the zero rate provided for by the current version of the Tax Code, to pay the mineral extraction tax in the amount of the additional Kk term – 428 rubles per ton,” the conclusion of the committee. “In the current macroeconomic situation, an increase in the tax burden will become another factor that negatively affects the financial stability of Russian oil companies and budgetary revenues,” the committee said.