The government’s decisions to offer sweeping tax breaks for new oilfields in East Siberia will yield about $300 billion in additional revenues for the state budget by 2030© RIA Novosti. Boris Babanov
GORKI, September 24 (RIA Novosti)
The government’s decisions to offer sweeping tax breaks for new oilfields in East Siberia will yield about $300 billion in additional revenues for the state budget by 2030, Energy Minister Alexander Novak said on Monday.
The Russian government has decided to extend tax holidays for the extraction of crude oil in East Siberia to January 1, 2022 and reduce the export duty on oil produced at the region’s new deposits almost by half.
“The new decisions will involve new deposits and provide additional oil volumes, which means the receipt of extra tax revenues. The financial and economic calculations prepared jointly with the Finance Ministry suggest we’ll get about $300 billion for the state budget by 2030,” Novak said, adding this amounted to about $15 billion in additional revenues annually.
The government’s new decisions will help additionally tap 5.3 billion metric tons of oil or 70-100 million metric tons annually.
“This will help make up for the shortfall of volumes resulting from the depletion of West Siberian deposits,” Novak said.
Add to blog
You may place this material on your blog by copying the link.
Image Galleries: Removing Protesters’ Barricades in Kiev
Infographics: First Russian Smartphone
Russia has become very adept in playing the diplomatic game, in which victory depends on choosing the right associate or partner. But there are a growing number of claimants to this role in the new horizontal and interdependent world. Aside Syria and Iran, being still important, the new venues for the application of practical diplomacy may well be Ukraine, the East China Sea and Afghanistan.