The Finance Ministry has confirmed a plan to recover from “Gazprom” to 170 billion rubles of taxes

Despite the objections of “Gazprom”, the Ministry of Finance intends in 2017 to increase the tax burden on the company to 100-170 billion rubles Together with the additional exemptions for oil producers it will allow to collect up to 370 billion rubles.

In 2017 it is planned to withdraw from “Gazprom” additional 100-170 billion rubles in mineral extraction tax of gas (excluding condensate), the Director of the Department of tax and customs policy of the Ministry of Finance Alexey Sazanov in a Moscow financial forum. At the end of August of such plans reported by the newspaper “Vedomosti” with reference to the three Federal officials, but officially, the Finance Ministry is not commenting.

“This year, Gazprom pays $ 100 billion. [additional taxes] to the current legislation. Or the exemption will be preserved or will increase to 170 billion rubles in 2017,” said carp. The official also stressed that despite media reports, the increased load will not apply to independent gas producers — NOVATEK and other competitors “Gazprom”: “the Ministry of Finance never offered such a thing.”

During teleconference call with investors on August 31 the head of the financial-economic Department of “Gazprom” Alexander Ivannikov warned that the consequences of a significant increase in the tax burden will be not only for Gazprom, but for the entire oil and gas sector, adversely affecting its investment attractiveness. According to him, the company does not exclude the revenue decline in 2017 due to the increase in the tax burden: “If the decision will still be made, it will reduce the financial results of the company <…> that would require adjustments to the budget <…> including reducing the investment and increasing borrowing.

The effects of the additional exemptions up to 170 billion rubles can be accurately assessed after the calculation of the budget and the investment program of the company for 2017, said RBC on Friday, a source in the financial unit of “Gazprom”. According to him, “Gazprom” continues to oppose these plans of the Ministry of Finance: “It will be a hole in the investment program, it will have to plug by selling assets or borrowing from the market. The fact that the increased severance tax on gas will apply only to “Gazprom”, gives independent gas producers competitive advantage in the domestic market, says the interlocutor of RBC. He also complained that the Finance Ministry does not take into account the opinion of the company about the consequences of such seizures.

In addition to “Gazprom” in 2017, the Ministry plans to increase by 50 billion rubles the tax burden on oil companies through the mineral extraction tax and make it annual, said on Friday morning the head of Department Anton Siluanov. An additional burden on the oil and gas (oil) sector in 2016 amounted to 140-150 billion rubles., said Deputy Ilya Trunin. Next year it may be increased by 50 billion rubles to 200 billion rubles, in 2018 – up to 250 billion rubles., etc., he added.

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