Russia can raise extra 200 bln rubles from oil export duty, 100 bln rubles from gas extraction tax
MOSCOW. Sept 28 (Interfax) - The federal budget could raise about 200 billion rubles in additional revenue next year by altering the calculation of the oil export duty, two sources in the financial and economic wing of the government told Interfax.
The week before, it was reported that the Finance Ministry planned to raise an additional 600 billion rubles in budget revenue by switching to a notional ruble exchange rate in the formula for the mineral extraction tax (MET) for oil, in order to collect more of the additional revenue the oil companies are earning due to the ruble devaluation.
On Monday, government spokeswoman Natalya Timakova said Prime Minister Dmitry Medvedev had decided against altering the MET for oil and instead ordered examination of options "for reducing the oil export duty at a slower pace, and altering a host of other sources in order to raise additional budget revenue."
The additional revenue from the change in the oil export duty would total roughly 200 billion rubles, the sources told Interfax.
Later in the day, Economic Development Minister Alexei Ulyukayev told journalists that "there is more or less an understanding [in the government] that one source of additional budget revenue is slowing the pace of reduction in the oil export duty."
"We must move from 42% to 36% and clearly, we can limit the reduction to 40% or 39% quite painlessly. This is something everyone agrees on," he said, adding that "some want less movement and others want more."
"All the rest is a question that can be worked out. There are other ways to provide supplementary revenue to the budget outside the fuel and energy sector. This is the homework that is currently being worked on," he said.
Alteration of the MET for gas remains under consideration, both sources said. The change would raise an estimated 100 billion rubles. However, the final configuration of oil and gas industry taxation has yet to be discussed with the prime minister.
Last week, Finance Minister Anton Siluanov had said the option being considered for the gas industry was not increasing the MET for gas but reducing the gas price indexation, to 5% in 2016 from the currently planned 7.5%.