Mineral extraction tax may be compromised

The Minister of Industry and Trade of Russia, Denis Manturov, reported that his department would seek compromise solutions in the increase in tax on the extraction of commercial minerals for the enterprises implementing large investment projects.

Earlier, the Federation Council approved the law, which increases the tax on the extraction of commercial minerals by 3.5 times, including for potassium salts, apatite ores, and phosphorites. The new law makes an exception for the new production projects for which the investment protection and promotion agreements have been concluded.

“If the enterprise has a signed investment protection and promotion agreement and contributes to the development of the economy of a region, we will find compromise solutions for the future period. I repeat that this doesn’t apply to 2021. For the next year, it’s already a settled issue,” said Denis Manturov.

Source: Prime