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: The Pearl of Russia's Far East
Infographics: Nobel Peace Prize
Vladimir Putin Meets with Members of the Valdai International Discussion Club. Transcript of the Final Plenary Session
Vladimir Putin took part in the final plenary session of the Valdai International Discussion Club’s 11th meeting. The plenary session summed up the club’s work over the previous three days, which concentrated on analysing the factors eroding the current system of institutions and norms of international law.