Vedomosti writes that as part of the long discussed tax manoeuvre oil companies are to retain their tax holidays for MET in the same in the absolute amount. Some sort of a tax rebate fixed in rouble terms is to be applied to provide for this.
We note that the government is yet to announce the final tax rates or clear mechanics for the implementation of tax holidays under the suggested new tax regime (tax manoeuvre). We understand the idea of keeping current tax breaks for the oil companies in the absolute amount, but we are still unclear on how it is to be implemented (on a company-by-company, region-by-region or field-by-field basis). In any case, the tax manoeuvre will lead to deterioration of tax regime transparency, creating the basis for some tampering. Given the unclear consequences, we do not rule out further regulatory changes to the so-called manual regime, which would be negative for the sector.
Dmitry Loukashov, Ekaterina Rodina, Alexander Donskoy, Kirill Sharikhin
VTB Capital analyst
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