Income tax for LNG exporters grows to 34% in 2023-2025

Russian President Vladimir Putin signed the law increasing the income tax rate from 20% to 34% for liquefied natural gas (LNG) exporters in 2023-2025.

The document was initiated by the Russian Government and introduces amendments into the Russian Internal Revenue Code.

"The tax rate is set as 34% in 2023-2025 fiscal periods for entities carrying the business of liquefied natural gas production and exported at least one batch of liquefied natural gas on the basis of a license for the exclusive right of gas export until December 31, 2022 inclusive," the document reads.

The tax amount will be credited half and half to the federal budget and budgets of regions.