Putin instructed to clarify the calculation of oil prices for tax purposes – Kommersant
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Russian President Vladimir Putin instructed the government by June 30 to clarify existing and establish additional indicators used in determining the price of oil for taxing oil and gas companies.
This, among other things, will help to reduce the size of the discount applied to the world price of oil, according to website Kremlin. The list of instructions was approved following the results of the April 11 meeting on economic issues.
The Ministry of Energy repeatedly expressed doubt about the representativeness of the existing indicators of prices for Russian oil. In this regard, the department added, the development of its own indicators is being developed. Deputy Finance Minister Alexei Sazanov allowed use of over-the-counter SPIMEX quotations to determine the price of Urals.
In April, a law came into force in Russia on a new methodology for determining the price of Urals oil when calculating taxes on the extraction of minerals (MET) and on additional income from the extraction of hydrocarbon raw materials (ATD). According to the law, when calculating duties, the discount on Urals is limited. If in April the discount of Urals is more than $34 from the average price of Brent, then the MET and AIT are calculated based on the cost of Urals with a discount of $34 from Brent, in May the discount will be $31 from Brent, in June – $28.
Read more about the cost of Russian oil in the material “Kommersant FM” “Sanctions target oil.”
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