Russia might raise taxes in high-margin resource sectors -Finance Minister

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FILE PHOTO: Pedestrians walk across Nevsky Avenue in central Saint Petersburg

(Reuters) – Russia’s finance ministry will analyse whether there is potential to increase taxes in resource sectors of the economy where there are high margins, Deputy Finance Minister Alexei Sazanov said on Friday.

Russia is already gearing up for more than $60 billion in tax increases for the oil and gas industry in 2023-2025, the biggest such rises in its history, as it seeks to plug a budget gap and fund its military campaign in Ukraine.

“Detailed, substantive analysis allows us to still find resource sectors where high margins are formed and where it is possible to increase the fiscal burden without harming the operational and investment activities of companies,” the RIA news agency quoted Sazanov as saying. “This is our work in 2022 and it will be continued in 2023.”

He said the basic parameters of the tax system would remain stable and that there would be no changes to VAT rates, profit taxes and income tax.

(Reporting by Darya Korsunskaya; Writing by Alexander Marrow; Editing by Kevin Liffey)

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