Russia’s finance ministry is hoping to pass a law amending the excess profit tax for oil fields as early as this fall, despite open opposition from oil companies warning of a potential long-term slump in production. Russian oil-producing companies have been enjoying tax breaks on four groups of fields since 2019 when the government applied the EPT tax regime to boost greenfield development by primarily taxing profits from crude sales and reducing the role of mineral extraction tax and export duty. Now, the finance ministry is proposing changes to correct what it has called “its biggest mistake”, which allegedly resulted in a tax revenue loss of over Rb200 billion ($2.67 billion) last year, according to […]