Customs Service Director Andrey Belyaninov reminds that there is now no way to declare exports under earlier duties.
Photo: Grigoriy Sobchenko
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Oil Duties Go Up, Companies Prepare to Cut Exports
The oil export duty goes up from $156.4 to $200.6 per 1 metric ton on June 1, customs authorities reminded Thursday. Oil companies still find way to cope with changing duties, increasing exports ahead of the hike and planning a drop in sales abroad in summer.
Oil export duties are reviewed in Russia every other month, benchmarked to world oil prices. Following spring trading, the government decided to raise rates for exporting crude from $156.4 to $200.6 for 1 metric ton. Russia sold 22 million metric tons of oil abroad in March. Higher export duties can bring an extra $970 million a month to state coffers, the government hopes.
Meanwhile, customs officials reminded that there is no way to declare exports under previous duties. Earlier, exporters were able to declare oil beforehand paying old duties for the next month delivery, a loophole in the Tax Code that authorities stove to plug. The Supreme Court of Arbitration has recently a decision to ban this procedure.
In search for other ways to capitalize on duty rates, oil companies boosted exports throughout spring, anticipating higher in summer. In June, oil firms plan to take a break and cut down their export flows.
www.kommersant.com
All the Article in Russian as of June 01, 2007
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