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Strategies & Market Trends : Investment in Russia and Eastern Europe
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To: Z Analyzer who wrote (711)9/23/1998 8:56:00 PM
From: Rob Shilling  Read Replies (2) of 1301
 
Z Analyzer, yep I saw that article on raising taxes for oil and
gas companies. I think it was exise taxes. The oil and gas companies have just enjoyed over a 50% reduction in their costs thanks to the ruble devaluation. So the government's thinking is that they can raise taxes, at least short term on oil and gas companies to get more ruble taxes to help the budget. The oil and gas companies will probably come out way ahead anyway.
It is important to get the budget deficit down to the IMF target so that reform loans can keep coming. Of course a reduced budget defecit by itself is good for Russia. With the devaluation, all hard currency revenues of oil and gas companies now yield over twice as many ruble taxes. So, the government could easily improve its tax revenues with just the ruble devaluation.
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