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March 16, 2016

The export tax on oil to be raised by 39% as of April 1st

The tax on exporting oil from Russia will be at $54.9 as of April 1st. Which means it will increase by $15.4 or 39%, according to the official website of the Ministry of Finance of the Russian Federation.

The tax on high-viscosity oil will leap from $4.2 to $6.2.

The Ministry noted that the preferential tax rate on oil for a number of fields in Eastern Siberia, Caspian fields and the Prirazlomnoye field have been non-existent since 1 February 2015.

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