Oil industry profits to be taxed under new reforms

The Russian government is preparing another tax reform in the oil industry, Russian business daily Vedomosti reports today.

The Russian government is preparing another tax reform in the oil industry, Russian business daily Vedomosti reports today. 

The natural resource extraction tax at difficult fields is to be replaced by a tax on financial result. 

The finance and energy ministries were ordered to carry out the reform last week by fine-tuning an existing bill. 

The Finance Ministry fears such a reform could significantly reduce budget revenues and believes there is a high risk of manipulation.

Read more: Gazprom declares alarming slump in revenues as debt burden rises

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