Ministries, oil and gas companies to discuss changes to taxation Wednesday
MOSCOW. July 8 (Interfax) - The Russian ministries and oil and gas companies will start discussing potential changes to tax law in the oil and gas sphere on Wednesday, the Energy Ministry told Interfax.
Representatives of the relevant ministries, as well as fuel and energy companies, will participate in the meeting.
On the meeting's agenda is an initiative by Russian state-owned oil company Rosneft voiced by its President Igor Sechin at the St. Petersburg International Economic Forum (SPIEF) in June to reduce the tax burden on the oil industry from 55% to 46%.
According to a presentation published on Rosneft's website, the current taxation level of more than 55% of revenue is inefficient because it does not ensure maximal budget revenues from the oil industry.
"A tax burden level of 45% would provide the maximal budget revenue directly from the oil industry," the document said.
That said, "maximal full budget revenue (both from the oil industry and from all other economic sectors related with the system of linkages with the oil industry) is ensured at a taxation level of 35%," Rosneft said.