The Russian government has approved a gradual increase in the tax burden on the country's gas sector over the next three years, with the overall burden estimated to grow by around Rb 505 billion ($18 billion) in 2012-14, the government press office said Wednesday.
The government has taken a decision to increase the tax burden by around Rb150 billion in 2012, by around another Rb170 billion in 2013 and by around yet another Rb185 billion in 2014, the press office quoted Finance Minister Alexei Kudrin as saying after a governmental meeting on the issue.
The mineral extraction tax will continue to account for around 80-90% of total tax payments in the sector, Kudrin said.
The government may also lift tax benefits granted to certain fields as well as tax exemptions on gas exports ahead of schedule, Kudrin said.
Changes to gas export taxes will mainly affect Gazprom, which enjoys an exclusive right to export Russian gas.
The MET for independent gas producers will not be increased in 2012, the minister said.
The measures are aimed at increasing budget revenues. Last week, Prime Minister Vladimir Putin said that the gas industry's profits were growing and the state needed more revenue for social spending.
After not raising the MET rate on gas for five years, Russia raised its mineral extraction tax by 61% to Rb237/1,000 cubic meters ($8.68/1,000 cu m) from January 1, compared with Rb147/1,000 cu m.
It was decided then the tax will be raised again to Rb251/1,000 cu m on January 1, 2012, and to Rb265/1,000 cu m on January 1, 2013.
