The Ministry of Finance proposed to reduce benefits for oil workers on income tax
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The Russian Ministry of Finance wants to adjust the parameters of four groups of deposits that have the right to pay additional income tax (ATT). Now the mechanism, according to the ministry, is ineffective. This is stated in the Main Directions of Budget, Tax and Customs Tariff Policy for 2024–2026, published on September 28 on the Ministry of Finance website.
The AIT regime began to operate in the Russian oil industry in 2019. If the MET is tied to production volume, then the AIT is tied to the financial result, this is 50% of the company’s income from production at a specific site minus the costs of production and logistics. Thus, the AIT should encourage companies to continue oil production at depleted fields or invest in the development of new ones.
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