Russia may impose a profit-based taxation on oil companies starting from 2012, the Interfax news agency reports Tuesday, citing the country's Deputy Finance Minister Sergey Shatalov.
Russia
may
impose a profit-based taxation on oil companies starting from 2012, the
Interfax news agency reports Tuesday, citing the country's Deputy Finance
Minister Sergey Shatalov.
Russia's top oil companies OAO Rosneft (ROSN.RS), OAO Lukoil Holdings (LKOH.RS)
and TNK-BP Ltd. have been lobbying for a change in the taxation regime, which
they say is too hard and could jeopardize production growth.
The current tax system is based on sales and makes producers vulnerable to
sharp changes in the oil price. That, in turn makes it difficult to plan costly
investments in new fields.
Shatalov said the government is working towards a profit-based tax system, but
noted that it doesn't mean that the mineral extraction tax will be cancelled.
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