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. Last Updated: 07/27/2016

Duma OKs Export Tax On Oil, Gas

The lower house of parliament on Friday passed in a second reading a package of laws on changes in export tariffs on crude oil, natural gas and other commodities.

The package includes a new graded crude oil export tariff aimed at raising more money for the state budget.

The State Duma voted 266 to three for the bill, with one abstention. It still faces a further reading in the Duma and a vote in the Federation Council upper house.

The bill states that for the period from Jan 1., 2002, to Dec. 31, 2004, a transitional tax on crude oil exports would be in place that starts from a base of 340 rubles ($11.66) a ton and is linked to the world oil price.

The bill states that exporters would calculate the tax on a quarterly basis according to the official government statistics on the Urals blend benchmark in Rotterdam and Mediterranean markets and the Central Bank's dollar rate.

The package also includes proposals for a tariff on natural gas of 16.5 percent of the amount extracted.

The tax on ferrous metals would be 8 percent of their value, according to the bill, while that on nonferrous metals would be 4.8 percent.

Precious metals would be subject to a 6.5 percent tax, and gold to 6 percent. Precious stones would be subject to an 8 percent export tax.

After the transitional period, oil would not be taxed at prices of $15 a barrel or below; at no more than 35 percent from $15 to $25 a barrel; and at no more than 40 percent at prices above $25 a barrel.

With world oil prices slowly decreasing, Russia's 2002 budget was calculated on the basis of a $17 to $18 per barrel price for oil.