Belarus eager to get $1.5bn from oil duties every year till 2025

Belarus’ budget will get $1.5 billion in oil duties every year till 2025, provided the global price for oil is at least $70 per barrel, BelTA learned from Belarusian Deputy Finance Minister Dmitry Kiyko on 28 November.

“The corresponding formula and coefficients are available. The lower the market price for oil is, the lower the rate of export customs duties is. If prices drop considerably, the sum of export duties, which are to be transferred to Belarus’ budget, will drop, too,” explained Dmitry Kiyko.

The transfer of oil duties to the Belarusian state budget is also specified by the protocol on amending the relevant Belarusian-Russian intergovernmental agreement. The protocol was passed by the Council of the Republic of the National Assembly of Belarus on 28 November.

Apart from that, the upper chamber of the Belarus parliament approved the ratification of several other international documents. The number included the agreement with the People’s Republic of China on mechanisms of bilateral cooperation in implementing technical and economic aid projects in addition to four agreements with Cambodia on assistance and mutual protection of investments, on trade and economic cooperation, on visa-free travels for holders of diplomatic and service passports, and on military and technical cooperation. The ratification of the agreement with Georgia on sharing tax information was also approved.