In the 2nd and 3rd readings, the Russian State Duma adopted a law that sets the tax rate for oil exports not to the Russian brand Urals, but to the reference grade Brent. So called. the new wage calculation plan should come into effect on 1 June, shouldFrom the information on the website of the State Duma.
By law, one barrel of Brent minus $204 per tonne (that’s $28 per barrel) would be used to calculate the June 2023 tax. At the same time, the cost of a barrel of Brent for July and beyond is $182.5 ($25) per tonne. Therefore, the deductions will be exactly the same as when calculating the extraction tax (MET).
Earlier in Russia, a law was enacted on a new methodology for determining the price of Ural oil when calculating taxes on the extraction of useful mineral extraction tax and additional income from the extraction of hydrocarbon raw materials (ATD). Accordingly, the discount in the Urals is limited when calculating taxes. If the Ural discount in April is more than $34 from the average Brent price, MET and AIT are calculated based on the cost of the Urals with a discount of $34 from Brent, in May the discount from Brent is $31.
According to the Ministry of Finance, the average price of the Urals in March 2023 was $47.85 per barrel, up from $89.05 in March 2022. According to the estimate of the Ministry, the cost of this brand of oil decreased by 1.86 times.