HomeFinanceRussia would possibly increase taxes in high-margin useful resource sectors -Finance Minister

Russia would possibly increase taxes in high-margin useful resource sectors -Finance Minister


(Reuters) – Russia’s finance ministry will analyse whether or not there’s potential to extend taxes in useful resource sectors of the financial system the place there are excessive margins, Deputy Finance Minister Alexei Sazanov stated on Friday.

Russia is already gearing up for greater than $60 billion in tax will increase for the oil and gasoline trade in 2023-2025, the most important such rises in its historical past, because it seeks to plug a price range hole and fund its navy marketing campaign in Ukraine.

“Detailed, substantive evaluation permits us to nonetheless discover useful resource sectors the place excessive margins are fashioned and the place it’s potential to extend the fiscal burden with out harming the operational and funding actions of firms,” the RIA information company quoted Sazanov as saying. “That is our work in 2022 and will probably be continued in 2023.”

He stated the essential parameters of the tax system would stay steady and that there could be no modifications to VAT charges, revenue taxes and revenue tax.

(Reporting by Darya Korsunskaya; Writing by Alexander Marrow; Enhancing by Kevin Liffey)



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