Russia looks to streamline oil taxation
The Kremlin has made a surprise move to reform its complex system
Russia is planning a sweeping overhaul of oil taxation as it looks to replenish its coffers and simplify a system that has grown increasingly complex and difficult to navigate over the years. While the net impact to producers from these changes is negative, some will lose out more than others. The Duma, the lower house of Russia’s parliament, approved at a first reading draft this week oil tax legislation submitted by the finance ministry. It will require two more readings, likely undergoing revision in the process. The proposals are part of a larger tax package prepared by the government. The plan, as it stands, is to do away with mineral extraction tax breaks for mature oilfields and those
Also in this section
14 November 2024
The country is seeking to secure its position as a major global refiner and meet rising domestic requirements
13 November 2024
IOCs are focused on the next wave of exploration activity in Namibia and are keen to learn from one another’s results
12 November 2024
The move by OPEC+’s inner circle to extend voluntary production cuts once again demonstrates that the oil market continually misunderstands the group
