The Russian Ministry of Finance has proposed changes to tax policy that could significantly impact the oil and gas industry.
One of the important innovations is the increase in the profit tax for the Transneft company to 40 percent.
At present, the profit tax rate for Transneft is 20 percent, as emphasized in the RBC article.
In 2025, the rate should increase to 25%. However, in the proposed amendments, the rate may increase significantly more.
Current legislation does not allow individual tax rates. Despite the decline in Transneft's profits, the rate for the company may increase sharply.
According to the report, Transneft's profit fell by 49.1 percent in the first nine months of 2024. At the same time, profit tax decreased by 59.1 percent.
The Ministry of Finance also proposed adjusting the calculation of the Urals quotation for taxes and zeroing out the mineral extraction tax for “difficult” gas in Yamal.
For reference
Tax is a mandatory, individually gratuitous payment collected from organizations and individuals.
