The budget and tax committee of Russian State Duma made a proposal to increase the mineral extraction tax (MET) on gold by 78,000 rubles ($845) per kilogram from June 1 until the end of this year.
The government of Russia intends to receive 15 billion rubles in tax contributions from gold miners in 2024. For this purpose, and also due to the sharp decline in exports of the precious metal, it was proposed to introduce a new tax rate. The amount of additional mineral extraction tax paid will be calculated in kilograms based on the amount of gold contained in the ore.
“We agreed that by the end of the year they [mining companies] must pay us 15 billion rubles. Accordingly, in order to ensure that we will have these revenues in the absence of exports, it was decided to increase the mineral extraction tax,” TASS quotes Deputy Minister of Finance of Russia Alexey Sazanov as saying.
As the deputy minister emphasized, gold exports fell drastically to almost zero after the introduction of export duties on gold and in the wake of an increased buying on domestic market.
First deputy chairman of the budget and tax committee Olga Anufrieva added that the period from June 1 to December 31 is justified.
“This [period of additional tax collection] will be almost equal in tax revenue to the annual export customs duty collection planned in the budget for 2024,” RIA Novosti quotes her as saying.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
