12 Aug 2019 09:57

Yamal LNG's effective profit tax rate rises to 16.2% in H1

MOSCOW. Aug 12 (Interfax) - Yamal LNG saw its effective profit tax rate increase by more than 1 percentage point to 16.2% in the six months that ended June 30, 2019 from 15.1% in 2018, the Russian liquefied natural gas company reported in its IFRS financial statement.

Under current regional legislation in the Yamalo-Nenets Autonomous District, the profit tax rate is lowered to the minimum allowable level for companies that produce natural gas intended for liquefaction and associated gas condensate at licensed blocks located on the Yamal Peninsula.

Accordingly, a lower rate was applied to calculate the deferred profit tax, payment of which is expected after the start of commercial production and in the course of the tax concession period.