‘Russia should reduce oil tax pressure’

Russia should reduce tax pressure on its oil sector by cutting fuel oil export duties to revive oil production and support economic growth, Economy Minister German Gref said on Thursday.
Gref told a cabinet meeting the government should in the autumn consider cutting sky-high export duties and overhaul the mineral extraction tax to create incentives to produce more crude from depleted or difficult fields.
“We need to decide on taxation of the oil industry before year’s end to avoid stagnation in this sector,” he said. “It’s becoming a pressing issue,” said Gref.
The idea comes a year after President Vladimir Putin ordered hikes in oil sector taxes, saying business should share their profits with the state to help double the size of the economy by next decade.

Gulf Times