Russian ministry proposes smaller tax hike on oil, raising excises on diesel in 2017
MOSCOW. Oct 5 (Interfax) - Russia's Finance Ministry is proposing to raise the mineral extraction tax (MET) on oil by a smaller amount than previously proposed, but to maintain the current excise rate on gasoline and raise the excise on diesel fuel, which together would enable the government to collect an extra 340 billion rubles from the industry in 2017.
The ministry proposes to raise 150 billion rubles with the MET increase and another 190 billion rubles by keeping the gasoline excise unchanged and raising the diesel excise, national daily Kommersant reported on Wednesday, citing the ministry's draft tax policy guidelines for 2017-2019.
The ministry proposes to additionally raise the MET rate by 306 rubles per tonne of oil in 2017, by 357 rubles in 2018 and 428 rubles in 2019.
It also proposes to raise the diesel excise by 1.80 rubles per liter to 7,400 rubles per tonne in 2017, and then hike it further to 7,700 rubles per tonne in 2018 and 8,080 rubles in 2019.
