Finance Ministry sees no grounds for rescinding excise tax on liquid steel - deputy finance minister

MOSCOW. June 24 (Interfax) - Russia's Finance Ministry believes that there are no grounds to cancel the excise tax on liquid steel, as the industry's profitability remains double the average of the economy, Deputy Finance Minister Alexei Sazanov said at a meeting of the expert council of the State Duma committee on the budget and taxes.

"We have conducted a detailed financial analysis of enterprises in the metals industry, which, among other matters, pays excise tax on liquid steel. I can assure you that we have seen an improvement in financial and economic indicators especially in the first quarter. As before, despite the excise tax on liquid steel, the profitability of the industry is nearly double the average of the economy, which is 10%-12%, and we do not see any grounds for rescinding the tax on liquid steel under the conditions of the budget constraints that we have," Sazanov said.