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Russia wants to raise coal tax - EastRussia | Far East

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In Russia, they want to increase the tax on coal mining

In Russia, they want to increase the tax on coal mining
Photo: pixabay.ru
The RF Ministry of Finance proposes to increase the tax on coal production during periods of high export prices. Due to this, the budget will be able to additionally receive 40 billion rubles a year. Coal companies believe that tax increases will reduce investment opportunities and generally affect the sustainability of the industry.

According to Kommersant, the ministry proposes to add an additional term to the mineral extraction tax rates for coal mining, taking into account the situation on world markets. The authors of the initiative note that the tax is about 1% of the revenue of the coal industry, which in recent years has increased by 202% to 1,7 trillion rubles.

However, in 2019, coal prices fell sharply and a new tax, according to producers, could aggravate the crisis and jeopardize the work of many companies. This will lead to serious social stress due to job cuts. In addition, you need to invest in updating production and building new facilities.