Putin approves new export taxes

摘要

Russian Prime Minister Vladimir Putin signed a government order August 26 to implement the new so-called '60-66' tax regime for crude and oil product exports starting October 1 in a move designed to make upstream development more attractive.The 60-66 tax regime will see the marginal export tax rate for most crude oil exports cut to 60% from 65% of the price of Urals, with the unified oil products tax rate set at 66% of the duty for Urals. A lower export duty would lessen the tax burden on Russia's oil exporters, in turn supporting new developments in the world's largest producing nation.