TechnologyAccording to the Russian finance minister, Moscow is considering...

According to the Russian finance minister, Moscow is considering raising taxes in the oil and gas sector.

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Russian Finance Minister Anton Siluanov said on Thursday that Russia’s new draft budget is aimed at getting more money from oil and gas producers as commodity prices rise, as part of the government’s efforts to address with the budget deficit.

Russia is considering raising taxes on the oil and gas sector by three trillion rubles ($50 billion) between 2023 and 2025, Kommersant newspaper reported on Tuesday, citing sources familiar with the discussions.

On Thursday, the government said it had approved the bill for the 2023 and 2024-2025 budget, without elaborating. The bill will be submitted to Parliament for consideration before being signed by the President and entering into force.

Speaking at a televised government meeting, Siluanov said the main proposals in the new budget include raising taxes on the export of pipeline gas, as well as taxes on liquefied natural gas and taxes on exports of fertilizers and coal.

The government expects the budget deficit to reach 2% of GDP next year and fall to 0.7% by 2025.

The RIA said the Ministry of Finance expects the budget deficit for this year to be 0.9 percent of GDP, or 1.3 trillion rubles ($22 billion).

Source: EuroNews

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