LAW HAS BEEN PASSED INCREASING THE MET FOR GAS PRODUCERS

The increase in the MET for gas companies will bring 167 billion rubles over 3 years.

The State Duma of the Russian Federation in the third reading voted for a bill providing for an increase in the mineral extraction tax for gas producing companies in the Russian Federation. Tax payments from the advanced indexation of gas prices in the wholesale sector will increase to the state budget.

The law determines that the MET will increase by 10% of the additional revenue from indexing for certain types of gas recipients. This “patch” will be calculated from the amount of methane sold at regulated wholesale prices.
The base tax level will not change next year, at the request of gas companies. Due to the increase in the base rate and the increase in the MET, a double withdrawal of funds from gas companies is formed. Therefore, starting next year, the coefficient of the conditional gas price (Cv) will be indexed using a special deflator coefficient set by the Cabinet of Ministers, explained Deputy Finance Minister Alexei Sazanov.

An increase in the MET for gas companies will bring 167 billion rubles to the budget of the Russian Federation over the next three years.

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