The State Duma Was Proposed to Maintain the 20% Profit Tax for the Vostok Oil Project
The government submitted a proposal to the State Duma to maintain the current tax regime for the profit tax at 20% for the Vostok Oil project, according to amendments to the second reading of the bill on improving the tax system, which Interfax has reviewed.
It is noted there that the tax amount calculated at a tax rate of 2% (3% in 2025-2030) should be credited to the federal budget, and the tax at a rate of 18% (17% in 2025-2030) – to the budgets of the regions.
The bill on improving the tax system proposes, in particular, an increase in the profit tax from 20% to 25% from January 1, 2025, and an increase in a number of rent taxes.
Rosneft’s flagship project, Vostok Oil, involves the development of oil fields in Taimyr. The project’s resource base is 6.5 billion tons of premium low-sulfur oil. It includes 52 licensed areas in the north of Krasnoyarsk Krai and in the Yamalo-Nenets Autonomous Okrug, where 13 oil and gas fields are located, including the Vankor and Payakhsky clusters. Rosneft planned to begin shipping oil from Vostok Oil along the Northern Sea Route as early as 2024. The Sever Bay oil transshipment terminal, which is part of the Vostok Oil production project, is planned to be commissioned in 2024. The terminal will expand in proportion to the development of Vostok Oil: from 25 million to 50 million tons, reaching full capacity – 115 million tons – in 2030.
