NLMK's Lisin warns against higher Russian mining taxes
MOSCOW – Hitting Russian mining and metals companies with extra taxes because they are making profits will only encourage them to be less efficient, according to billionaire Vladimir Lisin, who controls top steel producer NLMK .
"The proposed method of creating an extra tax base looks like an encouragement for inefficiency: the lower the profitability, the lower the tax that needs to be paid," Lisin said.
Russia is considering bolstering the state budget by raising more revenue from metal and mining companies that are earning windfall profits, according to proposals seen by Reuters.
Lisin, who is also president of industry association Russian Steel, said the proposed measures need to be refined.
The proposals, which did not specify how extra revenue would be raised, were set out in a letter to Russian President Vladimir Putin from Kremlin economic aide Andrei Belousov.
Three industry sources told Reuters they had either seen the letter or were aware of it.
Belousov, the finance ministry's press service and Kremlin spokesman Dmitry Peskov could not be reached for immediate comment.
Russia needs additional budget revenue to meet economic goals set in decrees signed by Putin for his new six-year term. The government has already announced plans to raise Russia's value-added tax from 2019.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Sulzer South Africa, established in 1922, partners with critical industries like power, oil & gas, water, mining, and chemicals to boost...
VISIT SHOWROOM
The Steel Tube Export Association of South Africa was established to develop sustainable, internationally competitive carbon steel tube and pipe...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
