Page 92 - RusRPTJul24

The Russian Finance Ministry suggests increasing the mineral extraction (MET) tax rate for iron ore from 4.8% to 6.7%, according to the draft law on amendments to fiscal legislation presented to the State Duma, the lower house of the Russian parliament. The rent coefficient is proposed to be increased by more than twice when computing the tax for apatite-nepheline, apatite and phosphate ore and to be introduced for potash salt in the amount of 8.8. The ministry also suggests introducing the excise on natural tax purchased for ammonia production in the amount of 2,400 rubles ($26.62) per 1,000 cubic meters.
IT companies, which have had a zero income tax rate for the last two years, will start paying tax again. Even at a preferential rate of 5%. Vedomosti experts consider it necessary to maintain tax benefits in the IT sector, since profits are often the only source of investment in the development and development of products. Nevertheless, they call the 5% rate an acceptable compromise, which is preferable to the complete abolition of benefits.
6.1.3 Budget dynamics - govt funding plans
The share of foreign investment in Russia’s federal loan (OFZ) bonds was flat at 6.8% as of June 1, 2024, according to files released by the Bank of Russia. As of May 1, 2024, the share of non-residents in OFZ was also at 6.8%. As of April 1, 2024, the share of non-residents in OFZ stood at 7.1%. Nominal amount of OFZ owned by non-residents as of the beginning of June 2024 totaled 1.392 trillion rubles (16bn) with the total volume of the market at 20.59 trillion rubles ($236bn), according to the regulator.
92 RUSSIA Country Report July 2024 www.intellinews.com