ID :
9890
Thu, 06/12/2008 - 20:26
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https://oananews.org//node/9890
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State Duma eases tax pressures on oil sector.
MOSCOW, June 12 (Itar-Tass) -- Russia's State Duma on Wednesday
approved in the first reading of amendments to the Tax Code easing
pressures on the oil sector. The amendments are to be made to chapters 23, 24, 25 and 26 of Tax Code Part Two.
The proposed bill adjusts the scale of mineral resources production tax. The lowest taxable income will now be 15 dollars per barrel, and not nine. All spending on professional education and job retraining will be exempt from taxation. The same measure applies to the sums corporate or individual employers pay their employees in compensation for interest on loans taken for purchasing or building housing.
The State Duma's deputy speaker, Vyacheslav Volodin, said the easing of taxes on mineral resources production would benefit the oil industry and the economy. He recalled that a significant share of oil producers' profits was now taken away in taxes - up to 75-80 percent.
"The industry lacks the resources to explore and develop new fields, improve the quality of oil products and re-equip refineries," he said.
approved in the first reading of amendments to the Tax Code easing
pressures on the oil sector. The amendments are to be made to chapters 23, 24, 25 and 26 of Tax Code Part Two.
The proposed bill adjusts the scale of mineral resources production tax. The lowest taxable income will now be 15 dollars per barrel, and not nine. All spending on professional education and job retraining will be exempt from taxation. The same measure applies to the sums corporate or individual employers pay their employees in compensation for interest on loans taken for purchasing or building housing.
The State Duma's deputy speaker, Vyacheslav Volodin, said the easing of taxes on mineral resources production would benefit the oil industry and the economy. He recalled that a significant share of oil producers' profits was now taken away in taxes - up to 75-80 percent.
"The industry lacks the resources to explore and develop new fields, improve the quality of oil products and re-equip refineries," he said.
