Russian oil workers will lose hundreds of billions of rubles

Russian oil workers may lose 650 billion rubles in the next five years due to the abolition of tax breaks and restrictions under the OPEC +. Daria Kozlova, the director of consulting in the sector of state regulation of the fuel and energy complex of VYGON Consulting, told TASS about this.

According to the expert, these factors may negatively affect the recovery of raw materials production and lead to losses of hundreds of billions. To support the industry, incentives must be adopted, Kozlova said. The aggregate EBITDA (earnings before interest on loans, taxes and depreciation) of large Russian oil companies is estimated to fall 40 percent this year.

In the fall of this year, a number of privileges for the production of extra-viscous oil were canceled. The parameters of the income added tax (CIT) have also been tightened. Within the framework of the income tax, the taxable base is not the amount of oil produced, but the income from its sale minus some expenses (mainly for production and transportation).

The increase in the tax burden in 2021-2023 in Russia will allow to receive about 2.6 trillion rubles in additional taxes. The greatest burden will fall on the oil workers, on whom they decided to earn over a trillion rubles in three years. Of these, 536.6 billion through a change in the personal income tax regime, and 498.6 billion through an increase in the mineral extraction tax (MET).

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