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Tax Breaks Proposed For Russia-China Gas Deal

by Tatiana Smolenska, Tax-News.com, Moscow

26 May 2014


Russia and China are discussing the introduction of tax breaks on both sides of the border as part of a major 30-year gas supply deal inked by the two countries on May 21, 2014.

Gazprom, Russia's state-owned gas company, signed an agreement with its Chinese counterpart, the China National Petroleum Corporation, to supply 38 billion cubic meters of gas per year from 2018, following several years of negotiations.

Russian President Vladimir Putin has proposed scrapping the mineral extraction tax (MET) for gas fields on supplies to China. China meanwhile said it would consider granting a tax exemption for imports of gas from Russia.

The issue of cancelling the MET is still up for discussion, Russian Minister for Economic Development Alexei Ulyukayev said. The minister noted that the Finance Ministry has raised some objections.

TAGS: Russia | Finance | tax | China | oil and gas | extraction tax | tax breaks

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