12 Apr 2013 16:04

Russian MinFin awaiting calculations to zero out NRET for minerals in Far East

MOSCOW. April 12 (Interfax) - The Russian Finance Ministry has yet to receive the Natural Resources and Environment Ministry's calculations for potentially zeroing out the natural resources extraction tax (NRET) for minerals at deposits in the Far East, Deputy Finance Minister Sergei Shatalov told reporters on Friday.

"We want to know why [the NRET should be brought to zero]? So far we haven't seen any calculations. And which solid minerals? All of them or not all of them? For what period of time? All of that needs to be considered," he said.

The Natural Resources and Environment Ministry has proposed zeroing out the NRET for solid minerals at deposits located in the Far East. For other regions, it wants to apply differentiated NRET rates.