Page 95 - RusRPTJul23

6.1.2 Budget dynamics - specific issues...
The Justice Ministry thinks that the draft bill on a tax on the excess profits for previous years is unconstitutional, Vedomosti business daily reported on Tuesday citing the bill’s documents.
On June 6, the Finance Ministry said in a statement in its Telegram channel that the government’s commission on legislative activity had approved the draft bill and excluded the payers of the unified agricultural tax from the list of entities that would have to pay the new tax.
The Finance Ministry earlier said that the mining industries were exempt from the tax on excess profits because the authorities already raised their fiscal burden in 2022, when they took 1.2 trillion rubles from gas giant Gazprom through a higher mineral extraction tax and set additional duties for the oil companies, Vedomosti reported.
Russia’s Finance Ministry plans to cancel the 20% deduction from the mineral extraction tax (MET) for depleted oil fields that account for more than 25% of crude output, Kommersant daily reported citing unnamed sources. As followed by bne IntelliNews, the FinMin is looking for extra revenue sources as it faces a sharp drop in oil and gas revenues, but still managed to pull the the federal budget back into surplus in May.
95 RUSSIA Country Report July 2023 www.intellinews.com