The Russian authorities are thinking about introducing new measures in order to withdraw part of the income from metallurgists. According to Bloomberg, the issue of introducing longer-term measures to remove excess profits after the temporary export duties cease to apply is being discussed.
Sources familiar with the situation told the agency that, in particular, there could be a change in the tax on mineral extraction. If rates are tied to commodity prices, then fees will increase in parallel with the growth of the market. However, the final decision on this issue will be made after the autumn elections to the State Duma, Bloomberg points out.
At the end of June, the government approved temporary duties on the export of metals. They will operate from August 1 to December 31 of this year and should consist of two parts: a base rate of 15 percent and a specific component, which will be calculated in dollars per ton. For copper it will be $ 1226 per ton, for nickel – $ 2321 per ton, and for aluminum – $ 254 per ton. Then the authorities said that this step would be temporary, and more stable mechanisms would be developed in the future.
After that, the association of companies “Russian Steel” announced that if export duties on metals were introduced from August 1, the companies’ profits would decrease by tens of billions of rubles, and budget contributions would noticeably decrease. In addition, metallurgists, who were accused of squeezing the state, also threatened that the development of the situation could eventually “increase social tension in the regions of presence.”