Russian govt OKs bill on oil royalty tax breaks

The Russian government has approved a bill seeking to differentiate the oil royalty tax rate, Russian Economic Development and Trade Minister German Gref told reporters Friday.

The amendments to the Tax Code provide for “tax holidays” for companies that develop new oil fields and a differentiated royalty tax rate for exhausted deposits.

The bill introduces tax holidays for 10 years for the development and exploration of new deposits located in the East Siberian oil and gas province, which includes the constituent republic of Sakha (Yakutia), the Irkutsk Region and the Krasnoyarsk Region.

More at: http://www.amcham.ru/primetass_newswire/p396693