Government submits bill to keep 2016 oil export duty calculations unchanged
MOSCOW. Oct 12 (Interfax) - The Russian government has submitted a bill to the State Duma that will leave the current method for calculating the oil export duty unchanged in 2016.
The text of the bill has been published in the Duma's document database.
Leaving the parameters of the method unchanged will generate an additional 193 billion rubles for the budget, according to the financial and economic justification for the bill.
As reported earlier, the Finance Ministry devised methods for collecting more of the excess revenue being earned in the oil industry.
"In preserving the mineral extraction tax (MET) formula in 2016, the export duty is to be left at the current year's level," Finance Minister Anton Siluanov said.
Maintaining next year's the oil export duty rate at the same level as in 2015 will make it possible to support the oil refining organizations that failed to meet the deadline for modernizing capacity, since keeping the oil export duty unchanged will boost refining margins, according to the explanatory note attached to the bill.
"At the same time, maintaining oil export duty rates will not cause an increase in the price of oil products, since the export duty on oil products is proportional to the oil export duty," the document says.
