The Ministry of Finance and the Ministry of Industry and Trade will raise the bar for zero excise duty on steel

The head of the Russian Ministry of Industry and Trade and Deputy Prime Minister Denis Manturov said that his ministry, together with the Ministry of Finance, is working on raising the minimum bar for zero excise duty on steel. Mr. Manturov presented this decision as a compromise against the background of the recognized inexpedient complete abolition of the excise tax on liquid steel.

“There are issues related to the adjustment of the tax burden on the metallurgical industry. Here, with colleagues from the Ministry of Finance, we also found a compromise: it was recognized as inexpedient to completely cancel the excise tax on liquid steel, but at the same time we will raise the “cut-off” at the price at which the rate will be zero in the current conditions,” Mr. Manturov explained in an interview. “Interfax”.

The Deputy Prime Minister believes that if prices rise in the metallurgical industry, the adjustment of the tax mechanism will provide additional revenue to the budget. He also reported on the work on changing the MET formula for coking coal and iron ore.

Previously, on supporting the adjustment of the excise tax on liquid steel, Mr. Manturov requested Russian President Vladimir Putin. According to the vice-premier, at present the excise functions as a turnover tax. “At the time of the surge in prices, this was really justified, but now, with the continued reduction in the load and efficiency indicators of the enterprises themselves, we propose to return to this issue,” the head of the Ministry of Industry and Trade explained.

On the situation in the metallurgical industry – in the material “Kommersant” “Export broke”.

Andrey Sapozhnikov