The Russian government will consider the Finance Ministry’s proposals on the tax policy directions for 2017-2019 on October 13, the Russian Deputy Finance Minister Ilya Trunin said.
"This could be in 2017, the text (of draft law) has been almost written. There is no need to wait for a convenient date of introducing the new law as many market participants believe," TASS cited him as saying.
According to Trunin, the proposals cover the ways to keep the debt burden on oil and gas production as well as income tax allocation and adjustment of excise duty rates.
Russian Energy Minister Alexander Novak earlier said that his ministry had almost reached a compromise with the finance ministry on the proposed tax system for the oil sector. First Deputy Energy Minister Alexei Teksler noted the ministry had agreed on the key approaches to this new tax system.
The ministries could not agree on the tax reform of the oil sector for a long time. The reform envisages shifting from fixed oil and gas production tax that depends on the output to a flexible system, namely tax on additional income (50%).
