Only Rosneft criticizes tax manoeuvre in the oil industry

Oil companies are resigned to the tax maneuver, today it is criticized only by Rosneft. The Finance Ministry sees no problem for companies under the new system of industry fees.

 
Answer of the Finance Ministry

Earlier this year, oil companies called on officials to adjust the new model of the industry taxation. This is necessary due to the decline in oil prices and the jump of the dollar and the euro, the oil companies insisted. In response, the Ministry of Finance promised to consider how the companies would feel by results of the first half, this proposal was made by the director of the Ministry’s Department of Tax Policy Ilya Trunin. Officials decided not to wait so long and analyzed how things were going by results of the first quarter.

"The tax maneuver didn’t lead to negative consequences for the oil production and refining sectors, and didn’t entail additional budgetary losses," - the project "Guidelines of fiscal policy for the Ministry of Finance in 2016-2018,". This is the first document that contains an analysis of the new tax policy in the oil industry. Its authors acknowledge that "the consequences (of the switch to the new tax model) are somewhat different from expected ones, which were formed under different level of oil prices and foreign exchange rates against the ruble", but don’t see a problem in this.