Authorities and business agree on cut-off price for mineral extraction tax, says minister

"If we use the current approach under any conditions, it can affect investment plans," Economic Development Minister Maxim Reshetnikov said

MOSCOW, September 23. /TASS/. The new formulas of the mineral extraction tax (MET) for the mining industry will include cut-off prices for raw materials in order to take into account market cycle and to avoid negative impact on investments, Economic Development Minister Maxim Reshetnikov told reporters.

“If we use the current approach under any conditions, it can affect investment plans,” he said adding that the reached agreement is “closer to a compromise.”

“There will be some cut-off prices fixed when we return to the current level of taxation. This is an important point, it provides for flexibility,” he said.

New tax conditions

At a meeting on Thursday, authorities and businesses agreed on new tax conditions for the mining sector. In general, the authorities are going to rise mineral extraction tax rates.

The minister noted that the authorities are interested in a flexible taxation system.

“In other words, now there is a good market situation, and we are all influenced by it,” he said.

The minister noted that now when the mining companies are making profits, there is “an understanding that they can and are ready to pay forever.”

“But this situation is not eternal, all commodities develop in cycles,” he explained.

Earlier, the Finance Ministry proposed, in particular, to introduce an excise rate on liquid steel at the level of 3% of the average export price for steel slabs in the seaports of Russia located in the Southern Federal District for a calendar month. It was proposed to set the MET rate for iron ore at 5.5% and tie it to the price of ore on world markets. For coking coal, it was proposed to set the tax rate at 1.5% and also tie it to the price of raw materials.

However, according to the head of the Russian Union of Industrialists and Entrepreneurs Alexander Shokhin, at the meeting the authorities and companies managed to agree on the following rates: MET for ore – 4.8%, excise tax for liquid steel – 2.7%. A compromise was reached on mineral fertilizers, he added, but did not specify the formula. At the same time, according to TASS sources, the mineral extraction tax for phosphates will double.

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