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Russia will increase the severance tax for metallurgists and introduce excise taxes on steel

Russia will increase the severance tax for metallurgists and introduce excise taxes on steel
Photo: pixabay.com

The Russian government approved the introduction of 2,7% excise taxes on steel. Also, the approach to calculating MET for ore, coking coal and fertilizers will soon change.

According to RBC, the head of the Russian Union of Industrialists and Entrepreneurs (RUIE) Alexander Shokhin announced the innovations. He also noted that at the request of business, the government will not yet differentiate income tax. This issue was postponed until 2023.

According to the head of the analytical department of BCS Global Markets Kirill Chuiko, the taxes approved by the government will cost metallurgists 3-8% of EBITDA in 2022. At the same time, the rates were compromised - earlier the government insisted on excise taxes on steel at the level of 3% of the export price. 
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