Belarus revenues from oil export duties below expectations

This year’s revenues of Belarus’ state budget from customs duties on oil products made from Russian oil may be lower than the forecasts made in 2014. The information was released by Belneftekhim head Igor Lyashenko when asked how much money Belarus can get from export duties on oil products taking into account the state of affairs on the oil market, BelTA has learned.

In accordance with previous calculations in 2015 Belarus’ state budget was supposed to get about $2.5 billion in export duties on oil products made from Russian oil. “The sum was calculated with the oil price at $100-110 per barrel. Since the beginning of 2015 the oil price has dropped to $60. If the trend on the global oil market continues, then Belarus’ budget will get less customs duties,” noted Igor Lyashenko.

The official reminded that in accordance with the protocol signed by the governments of Belarus and Russia in Minsk in October 2014 full sums of export duties on oil products, which are exported from Belarus beyond borders of the Customs Union, are to be transferred to the Belarusian budget.

A law to adjust the taxation of the Russian oil industry came into force on 1 January 2015. Essentially the tax on the extraction of subsoil assets, including oil, has been raised. At the same time export duties on oil and oil products have been reduced. On the one hand, the cost of oil has risen while export duties on oil products have been reduced. Belarus and Russia were supposed to hold additional talks in early 2015 to discuss the tax adjustments in the Russian oil industry.