11 Oct 2011 14:27

Russia could peg gas tax rate to world price in 2013

MOSCOW. Oct 11 (Interfax) - The formula for calculating natural resource extraction tax (NRET) for gas in Russia could be pegged to world gas prices from 2013, Deputy Finance Minister Sergei Shatalov told reporters.

"As for gas, we'll probably try and arrive at a formula that is pegged to world gas prices," Shatalov said.

The Finance Ministry would like to use the same model as for calculating the NRET for oil, he said. "That is the rate would be coupled to world prices," he said, adding that the Finance Ministry would like to introduce the new rate from 2013.

This might be an alternative to "adjusting [the gas NRET] by a not very clear amount each year," he said.

The move shouldn't result in a higher tax burden on the gas industry, he said.