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Finance Ministry to initiate cut in oil and gas production tax
RBC, 25.03.2008, Moscow 13:34:56.The Russian Finance Ministry is planning to suggest a reduction of oil and gas production tax by RUB 100bn (approx. USD 4.19bn) starting in 2009, Deputy Prime Minister and Finance Minister Alexei Kudrin said during the ministry's extended board meeting today. Kudrin pointed out that in light of the ruble's appreciation against the dollar and higher operating costs incurred by oil companies, high oil and gas production tax posed difficulties for such companies. Furthermore, the Deputy PM noted that the ministry was planning to present its suggestions regarding changes in Russia's taxation policy, which could be considered the first step towards supporting innovations.
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