The Russian Finance Ministry proposed on Wednesday hiking tax on profits of LNG exporters to 32% from 20% from 2023 through 2025 as it looks to boost the national economy
MOSCOW (Pakistan Point News / Sputnik - 28th September, 2022) The Russian Finance Ministry proposed on Wednesday hiking tax on profits of LNG exporters to 32% from 20% from 2023 through 2025 as it looks to boost the national economy.
"The tax on profits of producers of liquefied natural gas will add an extra 200 billion rubles ($3.4 billion) to the Federal budget in 2023," the motion reads.
The bill proposes splitting tax revenues almost in half between the federal and regional budgets. At present, only 3% of revenues from LNG export profits go to the federal budget. Regions are allowed to give tax preferences to LNG producers.
