16 Mar 2023 16:39

Russia's Finance Ministry not planning fundamental changes to excise tax on steel, MET on iron ore amid windfall tax

MOSCOW. March 16 (Interfax) - Russia's Finance Ministry is not planning any fundamental decisions on adjusting how the excise tax on steel and the mineral extraction tax (MET) on iron ore are calculated against the background of the one-time levy on the excess profit of businesses for 2021-2022, State Secretary and Deputy Finance Minister Alexei Sazanov told Interfax.

"Last year, we promptly amended the cut-off price when calculating the excise tax on steel. There are currently no additional changes planned regarding the excise tax on steel," Sazanov said.

Commenting on the MET on iron ore, Sazanov noted that the matter of underground mining was under discussion.

"There could perhaps be exemptions regarding underground mining, because, objectively, the cost of production is higher there than in traditional mining, and this must be considered. Yes, we are discussing this aspect with the Russian Steel Association. I think that there should be some sort of a solution this spring," Sazanov said.