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"In accordance with the result ", an article for the "Neft Rossii" magazine (issue 1-2, January-February 2015)

"In accordance with the result ", an article for ...

The KPMG Oil & Gas experts comment on the probable replacement of the mineral extraction tax (MET) system by a more efficient taxation model.

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Anton Oussov

Partner, Global Oil and Gas Leader; Head of Audit

KPMG in Russia and the CIS

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The KPMG professionals believe the mineral extraction tax (MET) system is outdated and needs to be replaced by a more progressive taxation regime, which will guarantee budget revenues, stimulate investments in the oil & gas sector, and simplify tax administration for both companies and tax authorities. Our colleagues explain: "In our opinion, an efficient substitution for MET may be a taxation model that takes into account the economics of oil and gas field development. Its key benefit is that excess profit from high-margin oilfields is withdrawn as taxes to the state budget, while currently non-profitable oilfields enjoy a reduced tax burden."

© 2020 KPMG. KPMG refers JSC “KPMG”, “KPMG Tax and Advisory” LLC, companies incorporated under the Laws of the Russian Federation, and KPMG Limited, a company incorporated under The Companies (Guernsey) Law, as amended in 2008.

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