Russian Energy Ministry hopes tax system for shelf development will start up in Q1 2013
MOSCOW. Dec 5 (Interfax) - The Russian Energy Ministry hopes that the tax system for the development of the Russian shelf will be up and running in the first quarter of 2013, Deputy Energy Minister Pavel Fyodorov said at the Global Energy Intelligence Day conference.
Preparations of the fiscal documents for the shelf are in their final stages, he said.
"In essence, after all approvals are made by the State Duma, Russia will already live under a new tax system related to the shelf in the first quarter of 2013. And it will be one of the most understandable and transparent tax systems in the world," Fyodorov said.
The Energy Ministry also expects to adjust the 60/66 tax system in the first or second quarter. "This system was adopted in the interests of all participants on the oil market, taking into account multiple compromises. But now we need to move further, and we are also anticipating recommendations from the market," he said.