The Ministry of Industry and Trade supported the exemption for the payment of excise duty on liquid steel for metallurgists
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The Ministry of Industry and Trade supports the easing of conditions for paying excise duty on steel for metallurgists. The minimum bar for the export price of a slab, at which excise is not paid, may increase from the current $300/t (18,000 rubles at the current exchange rate) to 30,000 rubles/t. This was announced on September 6 at the WEF-2022 by Deputy Minister of Industry and Trade Viktor Evtukhov.
According to him, this issue, as well as the revision of the mineral extraction tax (MET) on iron ore and coking coal, was discussed on August 1 at a meeting on the development of the metallurgical industry with President Vladimir Putin.
Evtukhov added that a proposal to change the calculation of the severance tax is now being formed by the Russian Steel Association and will be sent to the Ministry of Finance in the near future. At the time of publication, the Ministry of Finance did not respond to Vedomosti’s request. A representative of Russian Steel confirmed to Vedomosti that proposals for adjusting the mineral extraction tax are being developed, but declined to disclose details.
As Vedomosti wrote, during a meeting on the development of metallurgy, Deputy Prime Minister, Minister of Industry and Trade Denis Manturov proposed to reduce the excise tax on liquid steel, as well as to revise the mineral extraction tax on iron ore and coking coal. He then drew attention to the fact that allowances were introduced in 2021 “on the wave of super profits” of metallurgists.
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