Government approves Gazprom Neft tax deduction for 79.2 billion rubles
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The Government Commission for Legislative Activities allowed Gazprom Neft PJSC to receive a tax deduction for the mineral extraction tax from April 1, 2023 to March 31, 2029 in the total amount of RUB 79.2 billion. (1.1 billion rubles monthly). This was reported by Interfax, citing a source. In accordance with the bill, the deadline for the return of the tax deduction is set for the period from April 1, 2029 to March 31, 2035.
“The bill is aimed at providing PJSC Gazprom Neft with a tax credit to finance a project for the construction of infrastructure for the transportation of liquid hydrocarbons produced on the Yamal Peninsula — deposits of the Bovanenkovskoye and Kharasaveyskoye gas and oil condensate fields,” the agency’s interlocutor specified.
It follows from the materials of the bill that a taxpayer participating in the implementation of projects located wholly or partially west of 68 degrees east longitude within the boundaries of the Yamal district of the Yamalo-Nenets Autonomous Okrug can claim a tax deduction for the MET. At the same time, the initial recoverable gas reserves at each of the projects must be at least 1,500 billion cubic meters as of January 1, 2020.
The document notes that Gazprom Neft will have to return the tax deduction provided in an amount equal to the amount of the tax deduction received, indexed by 9%. The return periods are set for the period from April 1, 2029 to March 31, 2035.
As Interfax’s interlocutor clarified, the tax deduction will not be established if the oil price is lower than or equal to the cut-off price. The authors of the bill propose to set it at $45.04 per barrel in 2023, followed by an annual indexation of 2% from 2024. In addition, no deduction will be provided if the price of oil in the tax period is above the cut-off price plus $27.55.
According to the agency, the document was prepared by the Ministry of Finance on behalf of Prime Minister Mikhail Mishustin. The bill has been coordinated with the Ministry of Energy, the Ministry of Economic Development and the Ministry of Natural Resources of Russia.
Read more about the oil and gas revenues of the federal budget – in the material “Kommersant” “A little bit of good NDPI.”
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