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  Thursday, December 1, 2022
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The government is preparing to submit to parliament a comprehensive package of long-term changes to Russia's tax laws
The government is preparing to submit to parliament a comprehensive package of long-term changes to Russia's tax laws, a deputy prime minister said Monday. Alexander Zhukov said the amendments sought to improve tax administration, as well as encourage oil production, index customs tariffs rates, and increase social payments as part of income tax. "After the amendments are made to the [tax] law this year, it will remain unchanged for quite a long time," Zhukov told a Cabinet meeting attended by President Vladimir Putin. Zhukov said one bill was designed to increase oil production, stimulate oil companies to develop new deposits and intensify work at the oil fields already on stream. "The law includes a zero tax rate for mineral production in East Siberia and on the continental shelf," he said. Plans are also in place to introduce a sliding coefficient for oil fields with production exceeding 80%, Zhukov said. "Lower severance tax will make their development cost-effective," he said. The deputy premier also said that the government had drafted a law to index excise rates by an average of 8.5% for all eligible goods. "However, excises for oil products will not be indexed so as to avoid increases in petrol and diesel fuel prices along with growing world prices," Zhukov said.
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