The Ministry of Finance announced the transition to the Russian OTC index when calculating oil taxes
[ad_1]
The State Duma Committee on Budget and Taxes approved an amendment to the Tax Code, according to which Russia can switch to the Russian OTC index when calculating taxes for the oil industry from 2024. The transition was announced at a meeting of the State Duma Committee by Deputy Finance Minister Alexei Sazanov. Now the Urals quote is used, calculated by the Argus agency on the CIF basis, which will stop publishing it from January 1, 2024.
“We are switching to the Russian over-the-counter index, increased by $4 per barrel, this reflects the cost of delivery,” Mr. Sazanov answered the question whether the Ministry of Finance would stop using the Urals quote from Argus for taxation (quoted from TASS). The State Duma Committee approved this amendment to the Tax Code.
Urals’ CIF quote (includes freight and insurance) calculated by Argus and currently used to calculate oil taxes takes into account the cost of Russian oil in the European ports of Rotterdam and Augusta. However, now the quotations of Russian export oil in European ports on the basis of CIF have ceased to fully reflect the fair price of Urals due to the termination of its supplies to Europe.
Read more in the publication “Kommersant” “Oil exports succumbed to FOB”.
[ad_2]
Source link
