The government is going to cut taxes for Gazprom after a record loss
Revenues from the mineral extraction tax (MET) on gas in 2025 will decrease by almost one and a half times – from 1.448 trillion rubles this year to 1.008 trillion. This is reported with reference to the explanatory note to the draft federal budget TASS.
As noted in the document, the final result “is influenced by the planned change in legislation regarding the mineral extraction tax on gas.” Earlier, Bloomberg sources indicated that in connection with the record loss received by Gazprom at the end of 2023, the authorities are going to cancel the surcharge on the mineral extraction tax for the leading company in the industry.
Amid rumors that Gazprom had achieved tax cuts, its shares began to rise sharply. Since the beginning of the trading session on Monday, September 30, they have added another 1.4 percent.
Last week, Deputy Finance Minister Alexey Sazanov confirmed that the government was discussing Gazprom’s request for early cancellation of the mineral extraction tax surcharge, but asked to wait for an official decision.
Simultaneously with the fall in revenues from the mineral extraction tax, the authorities expect to increase collections from export duties from 454.7 billion rubles to 600.2 billion in 2025 and 696.6 billion in 2026. At the same time, a decrease is expected in 2027 – 659.4 billion.
Mineral extraction tax revenues on gas condensate will increase in 2025 by 18.5 percent, to 834.6 billion rubles, and in 2026 – to 843 billion. As in the case of duties, a reduction in revenue is expected in 2027 – 799.7 billion rubles.
The mineral extraction tax for Gazprom increased by 50 billion rubles per month from January 1, 2023. It was assumed that the company would pay the increased fees until December 31, 2025. Thus, over two years the supplier had to transfer an additional 1.8 trillion rubles to the budget.
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