State Duma increases MET on steel companies and mineral fertilizer producers 3.5 times

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AK&M 01 October 2020 20:00

The State Duma has passed in the third and final reading the law "On amending chapters 25-4 and 26 part 2 of the Tax Code of the Russian Federation (as regards updating and amending certain parameters of calculating the hydrocarbon production excess profits tax (EPT) and the mineral extraction tax)," the lower house of the Russian parliament informed.

The law increases the MET for steel and fertilizer producers 3.5 times. MET benefits for ultra-viscous oil and brownfields will be canceled.

The law adjusts the EPT parameters increasing the ratio for calculating the tax applying to certain fields of group 2 (in terms of geological complexity).