In his interview to the Rossiya-24 channel, Deputy Minister of Finance of the Russian Federation Ilya Trunin detailed the tax agenda as part of the two-day work program of the Moscow Financial Forum.

In particular, the 3rd Moscow Financial Forum will hold a broad discussion of the tax system adjustment. According to Trunin, once the decisions have been made in the tax system this year, the people and businesses have to be assured that the fiscal conditions will remain unchanged at least for 6 years.

Accordingly, the Forum speakers and guests will discuss whether the conditions set up for the midterm are satisfactory and whether the tax reform has to be carried on.

Additionally, the Forum will address the tax maneuver to be completed in the oil and gas industry which, as Ilya Trunin reminds, started back in 2015 and proved to be an important step in the system of customs and tariffs regulation of the oil sector. Ilya Trunin mentioned that the completion of the tax maneuver will result in a significant improvement of the Russian oil refining industry.

The tax maneuver, among other things, provides for a legal mechanism of reverse excise duty: where the gas wholesale price exceeds a target, which is 56 thousand roubles per ton according to the Tax Code, the difference between the external price converted into roubles and the wholesale price is compensated from the state budget. Thus, after the temporary period of reduced gas and diesel excise rates set in June 2018 expires next January, the reverse excise mechanism will help hold down the prices that might rise due to higher excise rates, says Trunin.

To recap, the 3rd Moscow Financial Forum is to be held in the Moscow Manege on September 6 and 7. The Forum subject is “Finances for Development: A New Platform for Stable and Balanced Relationships.”

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