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Adjustment of the mineral extraction tax on gas, which differentiated the tax rate depending on the end consumer, led to a decrease in the volume of gas trading on the exchange; the development of trading is also hampered by the resistance of manufacturing companies, said the President of the St. Petersburg International Commodity and Raw Materials Exchange (SPIMEX) Igor Artemyev in an interview with RIA Novosti at SPIEF.
“Companies have long had the opportunity to trade. But now the problem is that the government and parliament have introduced different amounts of taxes on the extraction of mineral resources for energy workers and others. Therefore, the question has arisen about “classifying” the relevant gas consumers into categories. This issue can be resolved. We are “ “We will make a posting and hope to restore the trading volumes that were previously,” the agency’s interlocutor said.
Artemyev also noted that the relevant departments in the past wanted to introduce a mandatory standard for gas sales on the exchange, similar to petroleum products, but Gazprom opposed it. According to the president of SPIMEX, this influenced the dynamics of the development of exchange trading in gas.
At the end of 2023, the Russian authorities adopted amendments to the Tax Code . According to one of them, when calculating the mineral extraction tax on gas, from January 1, 2024, the coefficient Kkg2023 was introduced, which applies only to gas supplies to industrial consumers, with a number of exceptions; and from August 1, the Kkg2024 coefficient will be introduced, which will also take into account gas supplies to the population, housing and communal services enterprises, and thermal power plants. These coefficients characterize the withdrawal of additional revenue from indexation of gas tariffs in the Russian Federation.
In October 2023, Deputy Head of the Federal Antimonopoly Service (FAS) Vitaly Korolev stated that the system for setting gas tariffs for industrial consumers would encourage them to participate in gas exchange trading. Gas tariffs for industry have been increased in Russia since December 1, and housing and communal services tariffs for the population will be increased from July 1, 2024.
