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New Legal and Fiscal Procedures in the Oil and Gas Industry (Russian Version)
National Energy Security Fund, April 2011, Pages: 62
There are rather contradictory developments in the Russian oil and gas industry. However, this is not surprising: the role this sector is to play in the current and most importantly in the future structure of the Russian economy has not been finally defined yet. On one side, on the eve of the elections the oil and gas sector traditionally has to play the role of a cash cow. On the other side, the danger of decline in production is becoming more than real and tax incentives for investments in green fields are becoming more important.
Besides, there are active preparations for the introduction of changes in the legislative framework of the Russian oil and gas sector. A new bill on oil is to be soon submitted to the State Duma; the document is to become almost a new oil constitution. The struggle of main clans around these issues is obviously getting tougher, especially taking into account the unavoidable transformation of the political system after the elections. Everybody is rushing to create new instruments to preserve and even increase influence after the elections regardless of who will become the president and how the future government composition will look like.
This new report provides a detailed analysis of the following aspects:
Analysis of the general situation in the sphere of taxation of the oil and gas sector
- Real burden on the oil and gas industry
- Possibilities for development of new deposits under the current taxation system
- Stories by oil producers about the tax burden: truth and fiction
- Dynamic of net profits of companies and the share of fiscal payments in revenues
- Correlation of profits and capital expenditures
- Real objectives of the state in taxing the sector
New fiscal policy of the state
- The new 60-66 taxation system: interests of companies and administrative clans
- The future of the minerals production tax and prospects of introduction of the tax on additional revenues
- Excise policy
Taxation preferences
- Replacing general taxation rules with numerous private taxation procedures
- Taxation demands of political and administrative clans, prospects of satisfying such demands
Creation of new legal framework of functioning of the sector
- The bill on oil. Improvement of the shelf legislation
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This title is also available in the following language
New Legal and Fiscal Procedures in the Oil and Gas Industry (English Version)
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