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Russia may change tax legislation to remove excess profits from metallurgists

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The Ministry of Finance of the Russian Federation proposed to temporarily "tune" taxation in metallurgy.

Russia may change tax legislation to remove excess profits from metallurgists

The Ministry of Finance of the Russian Federation proposes to change the taxation of the metallurgical industry taking into account the rise in prices during periods of favorable foreign economic conditions.

“We have analyzed the world experience and see that in a number of countries that are exporters of ferrous and non-ferrous metals, there are such regulatory instruments in the form of export duties, we consider it necessary to introduce export duties this year as an operational response, and in further we consider it necessary to further adjust the taxation of metals in the event that prices are exceeded within the framework of a favorable external economic environment, ”said Russian Finance Minister Anton Siluanov at a government meeting, commenting on the proposal of the Ministry of Economic Development to introduce temporary export duties on ferrous and non-ferrous metallurgy products.

Speaking about the need to introduce duties, the minister noted that this year the volume of export supplies only for the group of ferrous metals increased 1.6 times.

“We see that prices on the domestic market have also increased. Metallurgical companies receive, in fact, additional unplanned rental income that is not associated with an increase in labor productivity or any factors for modernization, ”he said, noting that in this regard, the introduction of export duties is necessary and the RF Ministry of Finance supports this proposal.

Recall that from August 1, Russia is introducing export duties on the export of ferrous and non-ferrous metals from the country: for ferrous metallurgy products, depending on their type, the minimum specific duty will be from $ 54 to $ 150 per ton. For non-ferrous metals, it was calculated from the type of metal: copper - $ 1226 per ton, nickel - $ 2321, aluminum - $ 254.

According to the Ministry of Economic Development of the Russian Federation, this decision will bring an additional 160 billion rubles to the country's budget. Against this background, shares of Russian metallurgical companies fell sharply, causing a collapse of the industrial index of the Russian Federation.

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