Russia’s government is considering how to implement “a floating” mineral extraction tax (MET) rate for producers of fertilizers and metals linked to global prices, according to a Bloomberg report on Aug. 31, citing Russia’s Deputy Finance Minister Alexey Sazanov.
Sazanov told reporters the government may propose the new scheme by the start of October, conceding developing such a tax system is “a complicated issue.”
Russia already has in place a MET applicable to a number of fertilizer raw materials, including potassium salts, and apatite-nepheline, apatite, and phosphate ores, which is typically set annually (GM Oct. 2, 2020)
Russia’s gold and diamond miners already pay a MET based on the market prices of their commodities, but Sazanov said no changes are currently planned to the rate of MET they are paying.