Sep 16, 2020
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The Ministry of Finance explained the growth of severance tax for metallurgy and chemistry

The 3.5-fold increase in the mineral extraction tax (MET) was caused by anti-crisis measures. This was announced by the head of the RF Ministry of Finance Anton Siluanov.

These are additional resources for the budget, those resources that are spent on the implementation of our anti-crisis plans and on the fight against COVID-19 infection, - quotes his TASS.

Siluanov added that the government is inviting commodity companies to take part in this fight. He recalled that according to the national plan, this will require more than five trillion rubles.

He also added that preferences in the field of oil refining, petrochemicals and the IT sector also require financial resources. According to the head of the department, in Russia there is a large differentiation in tax collection in the diamond mining, gold mining sectors, in the sector of polymetals. Mining of multicomponent ores has one of the lowest tax exemptions.

Siluanov said that today in the extraction of precious stones the effective rate of MET in relation to revenue is 8%, for precious metals - about 6%, for multicomponent ores - a maximum of 1.7%, for mineral fertilizers - 0.3-0.5%. In other countries, this burden ranges from 3% to 10%. The minister said that the coefficient of 3.5 should raise taxes on these resources to the fees for the extraction of precious metals and stones.

As wrote, according to Siluanov, competent planning, efficient distribution of money and development of sources of income for budgets of all levels will help to quickly restore the economy. All this will also tune in to further growth and prepare Russia for possible new global challenges, he said.

The Ministry of Finance has repeatedly proved that responsible financial management is the key to economic stability, business activity and the well-being of citizens, the minister added.

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