In the first quarter of 2024, Russia increased the production of unprocessed or semi-processed gold, or in powder form, by 3.2% compared to the same period a year earlier, according to Rosstat data.
At the same time, in March 2024, gold production decreased by 14.5% compared to March 2023. And compared to the previous month of February 2024, the decrease was 9.6%.
Rosstat does not provide absolute figures for the extraction and production of precious metals, gold.1prime.ru reports.
At a meeting on April 17, the Federation Council Committee on Budget and Financial Markets supported an increase in the mineral extraction tax on gold.
The tax will amount to 78,000 rubles per 1 kg of precious metal mined. The additional tax for mining companies will be valid for six months: from June 1 to December 31, 2024.
The authorities decided to increase the tax burden on the industry in order to compensate for the shortfall in federal budget revenues caused by a reduction in gold exports. It is estimated that during the period of the surcharge, domestic companies will pay an additional 15 billion rubles.
As previously noted by the Deputy Minister of Finance of the Russian Federation Alexey Sazanov, the supply of precious metals has recently fallen to almost zero after export duties for companies were introduced. At the same time, individuals have increased the export of gold bullion.
The Ministry of Finance is considering the possibility of abolishing export duties on precious metals after increasing the mining tax, said Danil Volkov, head of the Department of Tax Policy of the department.
Alex Shishlo for Rough&Polished
