Country Report
Russian Federation upstream fiscal summary
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
A concession system forms the basis for nearly all upstream licences and joint ventures in Russia. Joint ventures may include Russian oil and gas companies, and/or international oil companies (IOCs). The Concession regime is based on two major elements: mineral extraction tax (MET) and export duty. The combined effective rate stands at about 60%. Corporate income tax at 20% and property tax at 2.2% rate are also payable. From 2019, oil ED rate will gradually decrease to zero in 2024, while oil MET will increase as export duty falls. The expected impact on upstream is neutral. The new Additional Profits Tax (APT) regime applies to 101 individual fields, effective 2019. The new system consists of a new 50% additional profits tax (APT) and reduced MET.
Table of contents
- Basis
- Licence terms
- Government equity participation
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Fiscal terms
- Bonuses, rentals and fees
- Indirect taxes
- Royalty - Mineral Extraction Tax (MET)
- Ring fencing
- Base
- Onshore oil MET rate
- Onshore gas and condensate MET rate
- Offshore MET rate
- 21 more item(s)...
- Recent history of fiscal changes
- Stability provisions
- Split of the barrel and share of profit
- Effective royalty rate and maximum government share
- Progressivity
- Fiscal deterrence
- Investor IRR versus pre-share IRR - oil
Tables and charts
This report includes the following images and tables:
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TimelineTimeline detailsSplit of the barrel - oil
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Split of the barrel - gasShare of profit - oilShare of profit - gasEffective royalty rate - onshore , oilEffective royalty rate - onshore , gasEffective royalty rate - shelf/deepwater , gasMaximum government share – onshore, oil
- 34 more item(s)...
What's included
This report contains:
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