Russian Finance Ministry Proposes Move to Raise Tax on Oil Extraction

Source: Reuters 9/19/2015, Location: Asia

Russia's finance ministry has proposed changing the calculation method for Mineral Extraction Tax for oil companies by including a so-called "rouble deduction" that would significantly boost revenues, news agency RIA reported on Saturday, citing finance ministry documents.

The plan would raise an additional 1.6 trillion roubles ($24.1 billion) in revenues in 2016-2018, RIA reported.


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