The oil companies have imposed a new 50 percent tax

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Photo: said tsarnaev / RIA Novosti

The state Duma adopted in third final reading the law on introduction in Russia of the tax on extra income (TEI) in the extraction of oil, informs “Interfax”. Bet it will be 50 percent.

Unlike the current tax on mineral extraction (met), base of the new tax system will not be the volume of oil produced and the proceeds from the sale reduced by the amount of transport costs paid by the mineral extraction tax and export duties. Rate of mineral extraction tax for payers of NDD will be reduced.

PDM will apply to four categories of deposits: new deposits in East Siberia with the development (used by inventory) no more than 5 percent; deposits benefiting from the exemption for export duty; fields in Western Siberia with the proficiency from 10 to 80 percent of new fields in Western Siberia with proficiency less than 5 percent of total reserves are not more than 51 million tons per year.

A new tax regime will come into force on 1 January 2019. Earlier, energy Minister Alexander Novak said that the introduction of PDM with partial replacement of mineral extraction tax and export duties will result in a decrease in revenues by 2-3 billion in the first two years. Thus, according to him, the transition to PDM allows companies to send up to 0.5 trillion rubles for investment. As a result, the oil production will grow by more than 100 million tons, and the budget will receive an additional one trillion rubles in 2019-2035.

In addition, the law stipulates that from September to December of 2018 will be introduced, increasing the mineral extraction tax for Gazprom. A special factor characterizing the export profitability of a unit of standard fuel, will be increased from 1,4022 to 2,055. So, the government hopes to compensate losses of the budget from low dividends “Gazprom” for 2017.

Also, the law provides a reduction from June 1 the excise tax on gasoline for three thousand rubles per ton and diesel fuel for two thousand rubles per ton. The previously planned increase in excise duties on 700 roubles is cancelled. This measure is necessary to reduce gasoline prices, sharply higher in the spring.

Video, photo All from Russia.

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