The Ministry of Finance has developed a draft decree of the Russian Government on providing support to the ferrous metallurgy industry.
"Tulachermet". Illustrative photo: "Industrial and metallurgical Holding".
The Ministry of Finance proposed to postpone the payment of excise duty and mineral extraction tax to December 1, 2025.
The need for such support was identified during the analysis of the financial condition of enterprises and the established law enforcement practice. The implementation of the solution will allow metallurgical enterprises to free up working capital to overcome the consequences of the situation in their business and stabilize financial performance.
The resolution will enter into force on the day of its publication.
Earlier, the Russian Steel Industry Association of Ferrous Metallurgy asked the Ministry of Finance and the Ministry of Industry and Trade, in addition to deferring the payment of excise duty on liquid steel and mineral extraction tax on iron ore, to postpone the payment of insurance premiums with the possibility of gradual payment in the first half of 2026.
In addition, the association asked not to apply the methods provided for by the Tax Code for fulfilling obligations to pay taxes, fees, and insurance premiums in respect of debts incurred on August 1.
As Russian Steel noted in its appeal, these support measures are extremely important for individual companies to prevent delays in salary payments and other mandatory payments.
For the rest, the letter said, this would reduce the cost of servicing loans and direct funds to cover the shortfall in financing current and investment activities. Savings for the industry on interest on attracted loans from deferral of payment of excise duty on liquid steel and mineral extraction tax on iron ore until the end of 2025 are estimated in circulation at 1.04 billion rubles, from deferral of payment of insurance premiums — at 1.19 billion rubles.
