Belarus to keep all export duties on oil products in 2015

In 2015 Belarus will keep all the export duties on oil products, which are made in Belarus and are exported beyond borders of the Customs Union. First Vice Prime Minister of Belarus Vladimir Semashko and Russian Vice Prime Minister Arkady Dvorkovich signed the relevant protocol in Sochi on 7 October, the press service of the Belarus government told BelTA.

BelTA reported earlier that on 7 October Belarus and Russia came to terms regarding the procedure for transferring customs duties on Belarus-made oil products. The terms take into account previous arrangements and the calculated losses that Belarus’ budget is expected to incur due to tax adjustments in the Russian oil industry.

Previously the Belarusian side and the Russian one agreed that Belarus’ budget will keep roughly $1.5 billion worth of export duties in 2015.

The tax adjustment for the Russian oil industry as from 2015 envisages an increase in the tax rate on the extraction of subsurface resources and an increase in rates of customs duties on dark oil products with a simultaneous reduction of customs duties on oil and light oil products. The tax adjustment was likely to result in more than $1 billion in losses for the Belarusian oil processing industry.