19 Sep 2018 15:20

Negative excise tax on oil cannot be introduced before Dec 1 - Deputy Finance Minister Trunin

MOSCOW. Sept 19 (Interfax) - The negative excise tax on oil and the damping component cannot be introduced before December 1, 2018 due to legal constraints, so the question is whether it is worthwhile to amend the existing legislation for the sake of introducing the measure one month sooner, Deputy Finance Minister Ilya Trunin told reporters.

"Right now this excise tax, as an excise tax on crude oil, does not exist in Russia; it is being introduced beginning on January 1, 2019. Another question: is this a new tax or a new excised good. If we are examining it as a new tax, then under the Tax Code it cannot be introduced earlier than the first of January. If it is a new excised good, the procedure for introducing it is one month after its publication. That is, if the law on the new excises is published in October, then it can only take effect beginning on December 1," he said.

"Whether it is worth it to get into all this for the sake of one month, this must be discussed," Trunin said.