Russia’s state-owned oil pipeline monopoly Transneft said Tuesday that it will likely be forced to cut investments into major projects after lawmakers passed a bill doubling the company’s corporate tax rate.
Russia’s lower-house State Duma passed legislation Tuesday raising Transneft’s corporate tax from 20% to 40% in 2025-2030. The company said the increase would leave it with only a quarter of its profits for internal use.
“After a thorough analysis of production, economic and geopolitical factors, experts predict an unavoidable and significant reduction in Transneft’s investment program by 2026,” the company said in a statement.
It also warned of a “negative impact” on related industries, particularly the fuel and energy sectors.
Tuesday’s tax hike is part of a broader fiscal reform aimed at boosting state revenue as military spending remains at an all-time high. Russia plans to boost defense spending to 13.2 trillion rubles ($142 billion) in 2025 from 10.4 trillion rubles projected for this year
Transneft, which operates 67,000 kilometers (42,000 miles) of pipelines, proposed increasing tariffs through 2030 to “ensure stable and reliable operation.”
Separately, the company announced a 13.8% hike in oil product transportation fees starting Dec. 6, aligning with similar increases by state-owned Russian Railways.
(C)THE MOSCOW TIMES 2024
1 United States Dollar equals
107,75 Russian Ruble
Time to increase profit tax to 40%……………………….sjit he did……………….
So the slide we all celebrated a while ago, which the paedo dwarf somehow managed to stave off by undoubtably foul means, has now turned into a landslide.
This is one of the nazi happenings that the midget has got in the wrong order.
The sad part about it, everyone will just sit and watch as putler destroys the country, and the future of their kids.
Do we care though?
Nope. All he will do is blame the evil West anyway.