Russian authorities will raise a mineral extraction tax (MET) on metals producers next year to tackle shortages of metal produce in the domestic market, President Vladimir Putin said.
“Starting from the next year, from January 1, I think, new higher taxes on mineral extraction will be imposed. This concerns the metals industry,” Putin said during a meeting with construction workers.
He added that the shortage of raw materials has been caused by a worldwide spike in the price of metals.
Earlier this month, Deputy Finance Minister Aleksey Sazanov said that the Kremlin was considering a proposal to peg an MET levied on metals producers to the global price of their products from 2022.
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The idea to withdraw excess profits from metal-mining firms was first introduced in July, and followed the government’s decision to impose temporary export tariffs on sales of ferrous and non-ferrous metals such as copper, nickel, aluminum, and metal products. The tariffs came into force on August 1, and will remain in effect until the end of the current year.
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