Russian taxes in oil and gas sector should be optimised

Jul 08, 2004 02:00 AM

Russian Prime Minister Mikhail Fradkov advocates the optimisation of taxation of the oil and gas sector.
He made a corresponding statement at the meeting of the Cabinet.

According to Fradkov, apparently the tax burden in this sector can be increased and consequently, the tax burden in processing industries can be lowered. It is possible to achieve this by means of "a fair and transparent mechanism" of differentiating the tax on extracting natural resources, the Prime Minister believes.
In addition, Fradkov supported establishing the single reduced rate of the VAT.

Source: RosBusinessConsulting
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