By Reuters Staff
2 Min Read
MOSCOW, Feb 19 (Reuters) - Russian Deputy Prime Minister Alexander Novak said on Friday the government has been working on some support measures for the oil producing industry, including changes in taxation, following last year’s decision to hike taxes.
The government has been increasing oil producers’ taxes to raise money to cushion the economy from fallout from the COVID-19 pandemic. This year, a tax hike is expected to result in the industry paying an additional 227 billion roubles ($3 billion), 361 billion roubles in 2022 and 242 billion roubles in 2023.
Novak told the energy ministry’s in-house magazine that the government has tried to find ways to support the industry.