30 Jul 2009 10:47

Excise tax on oil products may increase 10% in 2010

MOSCOW. July 30 (Interfax) - The Russian government plans to increase the excise tax on refined oil products 10% compared with the 2009 rate, a source in the government told journalists.

The source said he was citing proposed rate hikes and that no final decision has been made.

The excise rate on oil products was not scheduled to rise before 2011, when rates were to be differentiated by fuel grade.

The source could not specify the additional revenue that would be generated by the planned increase in the excise tax in 2010.

Another planned change is to tie the export duty on oil products more closely to the crude oil export duty. The export duty on fuel oil will be raised to a level higher than the export duty on light oil products, he said.