Russian President Approves Oil Tax Changes
President Vladimir Putin approved changes to a tax law on Tuesday reducing oil export duties and increasing taxes for mineral extraction in a bid to balance the needs of producers and the Russian budget.
The changes to the tax law, known as the “tax manoeuvre”, have long been the focus of the industry and faced resistance from the country’s top oil producer Rosneft and some lawmakers.
Following is the table of taxes, according to the state’s website on legal information (publication.pravo.gov.ru/) and Reuters calculations:
2014 2015 2015* 2016 2016* 2017
oil mineral extraction tax (MET) 493 765 530 856 559 918
rate, roubles per tonne
crude oil export duty rate 59 42 57 36 55 30
gasoline export duty rate, pct from 90 78 90 61 90 30
crude oil rate
diesel export duty rate, pct from 65 58 63 40 61 30
crude oil rate
light products export duty rate 66 48 63 40 61 30
fuel oil export duty rate 66 76 100 82 100 100
naphtha export duty rate 90 85 90 71 90 55
bitumen export duty rate 66 76 100 82 100 100
petroleum coke export duty rate 66 6,5 100 6,5 100 6,5
motor oil export duty rate 66 48 100 40 100 30
excise tax, roubles per tonne
gasoline, Euro 4 9,916 7,300 10,858 7,530 – 5,830
gasoline, Euro 5 6,450 5,530 7,750 7,530 9,500 5,830
diesel 5,427 3,450 5,970 4,150 – 3,950
* – according to an initial plan
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