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    Central Asia
     Sep 2, '14


Russian oil, gas gain in troubled economy
By Mikhail Matveev

The recent call from Russian Prime Minister Dmitry Medvedev for "tightening belts" has convinced even optimists that something is deeply wrong with the Russian economy.

No doubt the planned tax increases (introduction of a sales tax and increases in value-added tax and income tax) will inflict severe damage on most businesses and their employees, if last year's example of what happened when taxes were raised for



individual entrepreneurs is anything to go by - 650,000 of them were forced to close their businesses.

Nevertheless, it looks like some lucky people are not only going to escape the "belt-tightening" but are also about to receive some dream tax vacations and the lucky few are not farmers, nor are they in technological, educational, scientific or professional fields - it is the Russian and international oil giants involved in oil and gas projects in the Arctic and in Eastern Siberia that stand to gain.

"In October [2013], [President] Vladimir Putin signed a bill under which oil extraction at sea deposits will be exempt from severance tax. Moreover, VAT will not need to be paid for the sales, transportation and utilization of the oil extracted from the sea shelf," noted Russian newspaper Rossiiskie Nedra. More ...

(Inter Press Service)





 

 

 
 



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