President Vladimir Putin signed the federal law On Introducing Amendments to Chapter 26, Part 2 of the Tax Code of the Russian Federation and Article 31 of the Law of the Russian Federation On Customs Tariff. This is a mineral extraction tax (MET).
The law was adopted by the State Duma on September 20 and approved by the Federation Council on September 25.
The law establishes a new procedure for calculating the mineral extraction tax (MET) for the extraction of gas and gas condensate, taking into account the characteristics of production, the depth of the reservoir, the geological and geographical features of the deposits, as well as prices on the world and domestic markets.
In particular, the basic tax rates will be determined taking into account indicators, such as the base value of a unit of conventional fuel (Eut), the coefficient of complexity of the extraction of mineral resources from a hydrocarbon deposit (Ks), and for gas, the indicator of transportation costs (Tg).
The new law increases the MET rate for the extraction of dehydrated, desalted and stabilized oil: 493 rubles. – for a period from January 1 to December 31, 2014, 530 rubles. – for a period from January 1 to December 31, 2015, 559 rubles. – for the period from January 1 to December 31, 2016 for one ton of oil produced.