The government confirmed plans to withdraw additional income from LNG and fertilizer producers
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According to Finance Minister Anton Siluanov, the draft federal budget for 2023-2025 provides for the withdrawal of excess profits from producers of liquefied natural gas (LNG) and fertilizers. The draft also stipulates an increase in export duties and a reduction in the oil and gas deficit.
“The tax proposals take into account the fair withdrawal of part of the natural rent, which has increased as a result of changes in the global commodity price environment,” Mr. Siluanov explained during a government meeting (quoted by Interfax).
He also announced the Cabinet’s plans to minimize the use of the National Wealth Fund (NWF) to finance the budget deficit, for which the Ministry of Finance will adjust its borrowing plans.
It is specified that the oil and gas budget deficit of Russia in 2025 will be reduced to 5.7% of GDP (compared to 7.9% in 2023).
On the government’s plans to raise the export duty and collect about 1.4 trillion rubles. from commodity exporters in 2023, Kommersant learned on September 20. Yesterday Russian President Vladimir Putin announced on plans to reduce the budget deficit to 0.7% by 2024. Earlier, Prime Minister Mikhail Mishustin announced that the budget was drawn up with a deficit of 2.9 trillion rubles. (2% of GDP).
Read more about the withdrawal of excess profits – in the material “Kommersant” “Your withdrawal”.
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