Russia may drastically increase the mineral extraction tax

The Russian government has approved a draft law prepared by the Ministry of Finance of Russia, providing for the increase in tax on the extraction of commercial minerals.

If the State Duma and Federation Council approves the law as well, then the payments on this tax will increase by 3.5 times. Particularly, this will concern potassium salts, phosphorites and apatite ores. At present, the extraction of potassium salts is charged at a rate of 3.8%, and phosphorites and apatites at a rate of 4%.

According to the Minister of Finance of Russia Anton Siluanov’s statement, the increase in the tax is necessary due to the needs of the state budget in additional funds, which will be used to implement anti-crisis plans and to fight the COVID-19 pandemic.

Source: RBC