Russia might extend payment of investment supplements to refineries late finishing projects - MinFin

MOSCOW. Aug 8 (Interfax) - Russia's Finance Ministry, pursuant to instructions issued by Deputy Prime Minister Alexander Novak at a meeting on July 8, has drafted a bill to extend the application of an investment supplement to the "reverse" excise on oil until January 1, 2033.

Novak also gave instructions to ensure the possibility of applying the investment supplement after January 1, 2027 even if the fixed assets that are the subject of an investment agreement between an oil refinery and the government are not put into operation.

The text of the published bill shows that the Finance Ministry proposed to allow such payments to continue if the taxpayer meets criteria set by the Russian president.

This bill also repeals the rule where the damper subsidies for gasoline and diesel fuel are simultaneously reduced to zero if prices for just one of these fuels exceed set maximum thresholds.

The bill is expected to go into effect on January 1, 2025.