Tax - News .com: Russia plans new tax Oil scheme

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Russia plans new oil in the scheme of the tax by Tatiana Smolenskaya, tax - News .com, Moscow
Last updated 11 hours ago |Jeudi, October 21, 2010

The Russian Government intends to introduce a new regime of profit tax on new fields of oil, which details should be published at the end of the year.

Sergei Shatalov, Russian Deputy Finance Minister has revealed that the new regime would begin in 2012 for new deposits and confirmed that the overall burden of petroleum development corporation tax may be reduced by a corresponding reduction of the export tax duty and mineral extraction.

However, the Department can raise tax equal to 85-90 downstream oil products export export upstream petroleum % duty leave from 2011, said Shatalov journalists.

The new system is in recognition of the fact that the Russian Government has ambitious plans to increase oil production, but rather random current system of tax relief for new developments in marginal areas has not provided sufficient certainty and incentives for producers to work towards the objectives of the Government.

The Ministry of Finance has been attentive to those travel to tax on income based, as in the 1990s, the oil companies managed to reduce tax debts by hiding real profits through transfer pricing programs.

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