The head of the State Duma Budget Committee, Andrei Makarov, said that “very serious” changes in the taxation of the oil industry and the functioning of the shock absorber mechanism will be considered on Monday. According to the deputy, the budget committee will consider the relevant proposals prepared by the Russian government. In this respect writer Interfax agency.
Makarov explained that the amendments include amendments to the current Tax Code.
“What is practically mandatory will be the committee on Monday next week. We must take into account the changes of the government. There will be very serious changes in tax legislation. All the problems with the oil industry, with shock absorbers, these are all these problems, ”says Makarov’s agency.
20 September 2022 Kommersant newspaper knowledgeableThe Ministry of Finance proposes to increase the export tax on oil by about one and a half times in 2023 (due to increasing the coefficient in the tax formula from 0.167 to 0.25). This can give about 240 billion rubles. The effect of the increased coefficient is one year, as the export tax will be zero as of 2024 as part of the tax maneuver.
It has also been proposed to extend the effect of the adjustable shock absorber, which was activated in September for gasoline and calculated until the end of the year, for 2023-2025. This will give another about 190 billion rubles per year. “socialbites.ca” clarifiedthat the damper adjustment provides an increase in the compensation coefficient between the export price (netback) and the gauge (fixed by law) cost for gasoline from 0.68 to 0.83, and from 0.65 to 0.83 for diesel fuel. At the same time, they want to reduce the allowable range of wholesale price over the indicator price for diesel fuel from 20% to 15%.
Kommersant wrote that the government can withdraw a total of about 3 trillion rubles from Russian oil and gas companies. already in 2023 in the form of additional taxes.
Shock absorber is a reverse excise tax, which is payments from the budget to oil refineries that allow to compensate for the difference between the average export price of oil and the cost of AI-92 gasoline or diesel fuel in the domestic market. When world prices are higher than local prices, the state compensates for some of the oil industry’s losses. If prices are lower, oil companies pay part of the price difference to the state budget.
Source: Gazeta
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