The government is preparing a report to Putin on tax indicators in the oil industry
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The government is preparing a report to President Vladimir Putin on clarifying oil price indicators that are necessary for taxing oil and gas companies. The press service of the government announced this TASS.
When determining the price of oil, which is used to calculate taxes, the maximum of two values is used: Urals quotes by the Argus or Brent agency minus a fixed discount of $25. Argus uses the Urals settlement price for European ports, although Russian oil is not traded there.
According to Kommersant’s information, in May, Rosneft proposed to the government to use the quotation of the Dubai variety instead of Brent when calculating the MET and export duty. The reason is that the main flows of Russian oil are now redirected to Asia, where Dubai is mainly traded, while the European Brent grade is poorly represented. Deputy Finance Minister Alexei Sazanov informed Vedomosti that the ministry is considering two options: reducing the maximum discount to Brent and linking to the Dubai quote, but with a decrease in the discount when determining the price of Urals for tax purposes.
Read more about the option with a new quote – in the material “Kommersant” “Dubai is like oil”.
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