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DUBLIN--(BUSINESS WIRE)--Jan 17, 2020--
The “Fiscal Policy on Oil and Gas Sector: Revised as Often as Wikipedia” report has been added to ResearchAndMarkets.com’s offering.
The beginning of 2019 saw the introduction of a new tax regime: additional income tax. That experiment was supposed to start migration of the oil industry to an innovative principle of taxation: on profit, not revenue. It seemed that a new main road was found. In the same year, however, the Finance Ministry launched an overt offensive against AIT.
The fear of loss of government revenue now is more powerful than the threat of causing oil production to collapse in the medium term because of a tax system that does not stimulate investment.
The Finance Ministry would strongly prefer to speed up the tax manoeuvre completion that earns the state budget additional money. Oil and gas companies respond to this with individual lobbying, attempting to wangle special treatment for their projects.
Thinking better of it, the Finance Ministry even tried to persuade the President to impose a moratorium on incentives. Nothing helped, however.
Two cases became real hits of 2019: the one with the Priobskoye field and the fight for Arctic incentives to projects of Rosneft and its satellites. And by the way, neither case has fully been closed: for instance, debate is still under way about how the loss of revenue because of the Priobskoye project will be compensated for. Meanwhile, the spread of AIT was viewed among other things as an opportunity to cancel privileged regimes, but now the matter is again open to question.
Besides, discussion of taxation on the refining segment continued the entire year: the Cabinet tries to get vertically integrated oil companies (VIOC) not to raise prices for motor fuel in the domestic market as a condition for the decision to be passed.
The report gives a detailed account of the following:
Key Topics Covered:
Introduction
1. Oil & Gas as Key Donor to Russian Budget. Tax Revenue from Sector
2. Oil Refining in Context of Tax Manoeuvre Completion
2.1. First results of new taxation on oil refining
2.2. ‘Tweaking’ negative excise system
2.3. Damper for jet fuel
3. ‘Clash of Titans’: Fight for New Tax Breaks
3.1. Epic with incentives for Priobskoye field
3.2. New Arctic incentives
4. Taxation on Gas Industry: Winners and Losers
Forecast for Future Developments
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/y767fz
View source version on businesswire.com:https://www.businesswire.com/news/home/20200117005316/en/
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KEYWORD: RUSSIA EUROPE
INDUSTRY KEYWORD: OIL/GAS ENERGY
SOURCE: Research and Markets
Copyright Business Wire 2020.
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