Export duty on oil and oil products will be gradually reduced to zero. At the same time, the tax rate on oil production will grow. The State Duma has adopted two laws on the completion of the tax maneuver in the oil and gas industry in the third reading.

      Read More Articles on Doing Business in Russia

      According to the new laws, beginning from January 1, 2019 the export duty on oil will gradually decline during six years - from the current 30 percent down to zero. At the same time, the tax rate on oil and gas condensate production will increase.

      Innovations will be mitigated by repayable excises on oil. Deductions on excises will be established, among others, for the companies producing high-grade petrol of the fifth class and diesel fuel.

      For clarifications of the new law consult our attorneys in Russia.