Introduction to tax financial result in the oil industry will boost production – head KhMAO – Interfax Russia

Introduction to tax financial result in the oil industry will boost production – head KhMAO – Interfax Russia

Khanty-Mansiysk. March 16. Interfax – The adoption of the bill on the introduction of taxation of the financial result (NFR) in the oil sector will stimulate subsoil users to increase oil production, according to Acting Governor of the Khanty-Mansiysk Autonomous Okrug Natalia Komarova.

“According to experts, in the current economic -fiskalnyh conditions, the volume of production in our autonomous region may be reduced from the current 250 million to 196 million tonnes by 2030. To this effect in a complex series of factors such as the decline in production from existing fields due to the increasing complexity of their design, as well as the refusal oil companies from start-up of new fields due to unprofitability, the need to implement significant increase in capital investment in the development of distributed subsoil fund “- quoted the head of the region of its press office.

According to N.Komarovoy, under the current system of taxation (tax regime on mining, mineral extraction tax – IF) cost of oil production will grow with the increase in the proportion of stranded. By 2030, the cost could increase by 50-90% depending on the characteristics of the fields.

In this regard, the head of the Khanty-Mansi Autonomous believes that the transition to the NFR, which binds the tax burden on businesses in the financial results of the project will significantly improve the investment climate in the oil sector, strengthen the gross load and increase tax revenue.

Commenting on criticisms of the bill associated with the emergence of the risk of loss of growth budget as a result of manipulation of the tax base and the difficulties in administering the tax, N.Komarova noted that in the current economic realities of the reduction of tax revenue still comes as a result of declining oil production. “Only when you save the system unchanged, this process could become irreversible,” – she said.

Head of the region also noted that the proposals to the bill would only apply to a limited number of fields, the so-called “pilot” projects. In addition, the transition to the NFR, according N.Komarovoy not lead to a significant complication of the mechanism of administration of the tax, as the current system already burdened by its managed complex tax regimes, such as severance benefits.

“According to our estimates economic effect of imposing a tax on the financial results for the period from 2015 to 2030 will be in the growth of tax revenues in the consolidated budget of the Russian Federation from KhMAO fields that are included in the “pilot”, 40% of all deposits in the Khanty-Mansiysk – on 16% at an oil price of $ 50 per barrel, “- said N.Komarova.

As previously reported, at the end of last year, the Duma deputies of the Khanty-Mansiysk made to the State Duma a draft law on taxation, financial results for a number of oil fields in Western Siberia. Ministry of Energy supported this initiative and started in 22 pilot projects which can be used this system.

The Finance Ministry has sharply criticized the bill. According to authorities, it is impractical to conduct an experiment to introduce a new tax on pilot projects as the system of selection of such projects is opaque, and the experiment was stretched to 15-20 years.

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