Russia to Raise Taxes on Mineral Resources in 2011

[2010-09-09 09:03:23]


According to the Ministry of Finance of the Russian Federation, as of January 1, 2011, Russia will raise the mineral mining tax (mining tax) on natural gas by 61%, and raise the export duties on copper, nickel, and petroleum products. Other plans include: raising mining tax on crude oil.

From 2013, the export tariffs on petroleum products shall be 60% of that on crude oil; in the coming 3 years, the consumption tax on gasoline and diesel shall be raised by 1 rouble.

As per the plans of the Ministry of Finance, in 2011, the mining tax on natural gas will be raised by 61%, and will respectively grow mildly by 6% and 4.5% in 2012 and 2013.

The Ministry of Finance of the Russian Federation also proposed to restore the export tariffs of 10% on copper, determine the export tariffs on nickel according to the market prices, and further raise the consumption tax on tobacco products from previously agreed level between 30% and 40%.

The export tariffs on nickel are determined from 5% to 30%, starting from USD 12,000 per ton, levied by 5.0%, 7.5%, and so on. The highest export tariff shall be 30%, only levied on part exceeding USD 20,000 per ton. New export tariffs on nickel will take effect in 2011 or earlier.

Source: ETCN
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