Govt to examine proposals on excess earnings tax at oil fields before year-end
MOSCOW. May 18 (Interfax) - The Russian government plans to examine proposals on introduction of an excess earnings tax (NDD) for oil fields before year-end, Deputy Prime Minister Igor Sechin told journalists.
"I think that we will step up and optimize this work, and before year-end we must present our proposals to the prime minister," he said.
Government bodies plan to perform a great deal of work on the NDD mechanisms over the next three-four months, he said. "I think that in the coming three-four months significant progress will be made on the NDD. There will be greater opportunities for both the companies and the budget," he said.
It was reported earlier that oil companies are proposing changes in the system for taxing the industry, including replacement of the natural resource extraction tax (NRET) for oil and the export duty with the NDD. The Energy Ministry is currently preparing a draft of the new tax system that incorporating the proposals