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Industry Minister Denis Manturov said Wednesday that Russian government departments have agreed that the windfall profits tax on metal, mining and chemical companies is inappropriate
.
Denis Manturov said, "In communication with other ministries, we reached a common position that this proposal is unreasonable
.
”
In early August, Kremlin economic adviser Andrei Belousov suggested that President Vladimir Putin raise $7.
5 billion a year from metals and mining companies.
The proposal targets Russian steel companies Evraz, NLMK, Nornickel, Severstal, MMK, Mechel, Alrosa, Polyus, Phosagro and Acron
.
Shares of these companies were mixed on Wednesday
.
After reporting second-quarter results, Mechel shares rose 5.
3%
on the Moscow Exchange.
After the Russian government begins a new six-year term in May, it needs additional budget revenues to meet Putin's economic goals
.
The government has announced plans to raise VAT from 2019 and extend the retirement age
.
Industry Minister Denis Manturov said Wednesday that Russian government departments have agreed that the windfall profits tax on metal, mining and chemical companies is inappropriate
.
Denis Manturov said, "In communication with other ministries, we reached a common position that this proposal is unreasonable
.
”
In early August, Kremlin economic adviser Andrei Belousov suggested that President Vladimir Putin raise $7.
5 billion a year from metals and mining companies.
The proposal targets Russian steel companies Evraz, NLMK, Nornickel, Severstal, MMK, Mechel, Alrosa, Polyus, Phosagro and Acron
.
Shares of these companies were mixed on Wednesday
.
After reporting second-quarter results, Mechel shares rose 5.
3%
on the Moscow Exchange.
After the Russian government begins a new six-year term in May, it needs additional budget revenues to meet Putin's economic goals
.
The government has announced plans to raise VAT from 2019 and extend the retirement age
.
