ANNOUNCEMENT 11 Sep 2014

In September 2014, the government of the Russian Federation announced a change in export taxation.

NUMBER OF INTERVENTIONS

1

  • 0 harmful
  • 1 neutral
  • 0 liberalising
Inception date: No inception date

Export tax

Rossiyskaya Gazeta, an official newspaper of the Russian Government, Issue 6478 of 11 September 2014, reports that the Cabinet of Ministers has prepared a draft bill that alters the oil tax and customs legislation. The major amendments are as follows:

  • A 1.7-fold increase of the export duties on oil and a 1.7-5-fold in crease on export duties on oil products.
  • In order to prevent a price increase on the domestic market, the excise duty on petroleum products will be reduced and certain tax benefits will be provided.
  • The tax burden in hard to extract oil areas will be reduced between 5 and 24 per cent.
  • The tax on oil condensate will be increased 6.5-fold. Oil condensate may be sold as oil for refinement among other applications.

The purpose of this particular state measures forms part of the targeted interventions of the Russian Government in recent years to increase the export of more refined oil products.
 

AFFECTED SECTORS