Russia may introduce a tax on added income, media reports

The Russian Finance Ministry has developed and submitted a presentation of the draft law on tax on added income (TAI) in the oil industry to departments and companies

The Ministry of Finance suggests introducing a tax with a fixed rate of 70%, Vedomosti writes, referring to the document. The tax base will be the estimated revenue from the extraction of raw materials minus the estimated transport costs, export duties and taxes on mineral extraction (MET). In addition, the actual operating costs (excluding transportation), as well as capital investment will be subtracted.