14 Oct 2024 17:41

Russian govt commission agrees to cancel monthly MET surcharge for gas in 2025

MOSCOW. Oct 14 (Interfax) - The Russian government's Legislative Commission agreed with the Russian Finance Ministry's proposal at a meeting on Monday to remove the monthly mineral extraction tax (MET) surcharge on gas, amounting to 50 billion rubles, ahead of schedule from 2025, an informed source told Interfax.

The change will feature in the package of government amendments to bill no.727330-8, which has been prepared for its second reading, and is included in the budget package.

The amendment is made to Article 343.14.2 of the Tax Code, where it is proposed that 2025 replace the mention of 2024. The regulation was introduced at the end of 2022 and proposed that the MET for Gazprom would increase by 50 billion rubles from January 1, 2023 to December 31, 2025 inclusive.

It was previously reported that the Finance Ministry had included a 550 billion decrease in revenues from the MET for gas in 2025 in the draft three-year budget, which corresponds to the increase in the MET to 50 billion rubles per month effective from January 1, 2023. The plan was for the surcharge to be in effect until December 31, 2025.

The ministry later said that canceling the additional summand in the MET formula for the following year will ensure the financing of Gazprom's investment program.