Russia to Lower Taxes for Steelmakers, Raise on Coal: Kommersant

Russian Finance Ministry decided to ease tax burden for the steel sector, but at the same time may increase mineral-extraction for coal producers, Kommersant reports, citing unidentified people.

• Finance Ministry raises cut-off price for the excise tax on liquid steel to 30K rubles per ton from August 1
  • Currently, the excise tax is zeroed out if the average export price of a slab falls below $300/ton
  • Finance Ministry estimates that the budget will lose 29.4b rubles in revenues this year due to higher cut-off price
  • Finance Ministry expects excise tax collections of 38b rubles in 2023
• At the same ...