The Ministry of Finance of the Russian Federation proposes to collect 170 billion rubles billion and 150 billion from the oil companies, Vedomosti said.
“At current oil prices, the tax system just in favor of the oil companies and not in favor of the budget,” lamented the Russian Minister of Finance Anton Siluanov. And now the Finance Ministry has drafted an additional package of tax exemptions in 2017, said the publication of three Federal officials and participant discussions from the industry.
Only in 2017 will be seized 320 billion RUB: one-off increase in taxes on oil companies, which was effective only in 2016, will be extended and it will give 200 billion, and 100 billion will be collected from Gazprom. He want to take another 70 billion out of 370 billion rubles. But tax reform in the oil industry (a tax on added income, PDM) will deprive the Ministry of Finance 50 billion, just released 320 billion rubles.
Rise of met – almost solved the issue, left it to announce, officials say. Energy, of course, be against, but the result is predictable, ironically one of them. Last year, oil resisted the increase in the tax burden, Igor Sechin of Rosneft President were collective letters – did not help.
The growth of the tax burden by another 70 billion rubles will negatively affect Gazprom, warns a senior analyst at Aton Alexander Kornilov: gas prices in Europe are low, and investment intensive. Gazprom is facing large payments on the debt in 2016-2018, warns Dmitry marinchenko from Fitch: Gazprom’s EBITDA could fall by 5% below Fitch.
The company will have every reason to claim a reduction in dividend next year, says Kornilov, the budget will lose on this. Even while maintaining the tax burden at the level of 2016 net cash flow of Gazprom to the dividend in 2017 will amount to minus 40 billion rubles, the investment program will be reduced to 1.2-1.3 billion rubles, compared with 1.6 billion in 2015, Fitch expects.
With the oil industry in 2016, wanted to borrow 200 billion rubles, and in 2017 will take the same, but the Finance Ministry wants to fix this sum in absolute terms. Collect all 200 billion in 2016, did not work: increasing load was performed through freezing of the reduction of duties (and met up) and it has played a cruel joke Treasury – fee income reduced at lower oil prices. So it doesn’t happen again, will simply increase the severance tax, for example, ruble per barrel, says a Federal official, and the manoeuvre is continued, the fee will decrease to 30%. While the measure is introduced again, as a temporary solution until 2017, but it says always, says the Federal official. The Finance Ministry plans for 200 billion rubles until 2020, I know two people from the oil industry involved in the discussions.