Putin signs law on gasoline excise hike from April 1
MOSCOW. Feb 29 (Interfax) - Russian President Vladimir Putin has signed a federal law on raising excises for various classes of gasoline, diesel fuel and medium distillates.
According to the new law, which amends Article 193 of Section Two of the Tax Code, these excises will go up on April 1.
The State Duma passed the law on February 26 and the Federation Council passed it the same day.
Amendments to the Tax Code are increasing excises for Class 5 gasoline from 7,530 rubles per tonne to 10,130 rubles per tonne, and in 2017 from the currently planned 5,830 rubles per tonne to 7,430 rubles per tonne.
Excises for gasoline which does not correspond with Class 5 standards and straight-run gasoline will be increased starting on April 1 from 10,500 rubles per tonne to 13,100 rubles per tonne, starting in 2017 the excise will cost 12,300 rubles per tonne instead of the planned 9,700 rubles per tonne.
Excises for diesel fuel and medium distillates starting on April 1 will amount to 5,293 rubles (now the excise is 4,150 rubles), in 2017 - 5,093 rubles (a reduction was planned to 3,950 rubles).
The government is estimating additional revenues from the excise hike in 2016 at 89.3 billion rubles, the feasibility study for the document said.
The Finance Ministry is proposing that as a result of raising excises, prices for gasoline may rise by 6.5%-7%. With account of VAT (18%), a liter of gasoline may rise in price by 2.36 rubles.
