Russia - 01

Russia: Fighting Spirit: Oil Companies Limit Tax Damage

On 23 October the Russian government submitted the finalized draft 2016 budget to the State Duma, ending the period of high-pitched bargaining between the Ministry of Finance and energy firms over the additional fiscal burden. Oil producers have gotten away with a lighter tax increase than was originally announced by the Ministry of Finance: Instead of the 600bn roubles ($9.5bn) that the ministry demanded in late September, oil firms will have to pay 194bn roubles ($3.1bn). The extra revenue will be generated by oil export duty receipts…

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