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RF State Duma adopts law on redistribution of tax revenues from Sakhalin-2 - EastRussia | Far East

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The State Duma of the Russian Federation adopted a law on the redistribution of tax revenues from Sakhalin-2

On Wednesday, the State Duma of the Russian Federation adopted in the third reading a law on the redistribution of income from income tax when implementing the production sharing agreement for the Sakhalin-2 project. According to the law, the federal budget will now receive 75%, the remaining 25% will go to the budget of the Sakhalin Region. Previously it was the opposite. Receipts from the shelf projects allowed Sakhalin to remain the only region in the Far Eastern Federal District with a surplus budget.

As reported, the legislative initiative of the Cabinet has caused a negative reaction of the government and the population of the Sakhalin region. As a result of a series of talks in Moscow, the regional authorities managed to conclude an agreement that the region will receive funds in the form of subsidies in return, and with these compensations will receive an income equal to 50% of income tax from Sakhalin-2. The head of the budget and tax committee of the State Duma of the Russian Federation, Andrei Makarov, previously stated that the agreements reached with the government are "this is the subject of the 2018 budget of the year, the decision has been made and agreed."

Last year, following the results of 2015, Sakhalin received a profit tax from offshore projects ("Sakhalin-1" and "Sakhalin-2") at 73,1 billion rubles, which accounted for almost half of the region's total revenue. According to the results of 2016 year of receipt, taking into account the fall in prices for hydrocarbons, about 36 billion rubles are expected. As a result of this year, Sakhalin can only receive about 12 billion rubles, while about 36 billion rubles. will go to the federal budget.

Sakhalin-2 is the only LNG plant in Russia. The operator of the project is Sakhalin Energy Investment Company Ltd., in which 50% and one share is held by Gazprom, 27,5% minus one share - from Shell, Mitsui belongs to 12,5%, Mitsubishi - 10%.