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Gazprom Faces Russian Tax Hike
by Tatiana Smolenskaya, Tax-News.com, Moscow
Tuesday, March 27, 2012
Russia is considering a 'windfall tax' on extraordinary profits due to be made by the majority
state-owned, gas extraction monopoly Gazprom to fund government spending pledges
made by Russian Prime Minister Vladimir Putin as part of his re-election manifesto.
Russia, which has historically sold gas to the domestic market below prevailing market prices, will
look to significantly hike gas prices, including through a 15% increase in domestic
tariffs scheduled for July 2012, with a further increase being considered by
Gazprom.
The government is reportedly considering hiking mineral extraction tax to retain
80 to 100% of the profit Gazprom will make from the price hikes.
The state-owned enterprise has already been slapped with a higher burden this
year, with the extraction tax rate applied to its operation near doubling
this year.
Tags: tax | business | Russia | oil and gas | fiscal policy | energy
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