Novak said there are no plans to raise taxes on oil companies
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The government does not yet intend to increase taxes for oil companies to compensate for the budget costs of increasing damper payments. This was announced by Deputy Prime Minister Alexander Novak, transmits Interfax.
“Everything will be taken into account in budget adjustments. Without increasing the tax burden,” he emphasized.
At the same time, Novak recalled that the Russian budget will soon be considered in the second reading. He forwarded questions on a possible increase in the tax burden to the Ministry of Finance.
At the end of September, Deputy Minister of Finance of the Russian Federation Alexei Sazanov said that the decision to increase the damper should be of a package nature. “If you increase the damper, you need to compensate for the increase so that it is budget neutral,” – explained He.
On October 6, the Russian government approved additional measures to maintain stability in the fuel market. In particular, the fuel damper was restored.
The damper mechanism began operating in Russia in 2019 and was supposed to smooth out price fluctuations at gas stations. According to the rules, if the export price of petroleum products exceeds the price on the domestic market (notional domestic price, which is indexed annually), refineries receive payments from the budget. If prices on the domestic market exceed export prices, the refineries themselves pay the state.
From September 1, 2023, at the initiative of the Ministry of Finance, a coefficient of 0.5 was introduced into the damper calculation formula to halve payments against the background of the budget deficit. Increasing the damper coefficient from 0.5 to 1.0 from October 1, 2023 “will increase the amount of compensation to oil refineries for lost income when selling motor fuel on the domestic market,” the government noted.
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