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Strategies & Market Trends : Investment in Russia and Eastern Europe
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To: Jim Fraser who wrote (973)4/8/1999 6:02:00 PM
From: Rob Shilling   of 1301
 
Tax scheme will be changing for Russian oil companies:

From Interfax:

The Russian government this year plans to change the way oil companies are taxed, Fuel and Energy Minister Sergei
Generalov said Wednesday at a meeting on social and economic development in the Timan Pechora oil province. Oil
companies will pay only royalties, profit tax and a special profit tax, with all other taxes abolished for them, he said. The IMF
and World Bank have approved of the tax reforms, Generalov said.

.... basically the good news is that there will be no VAT tax which subtracts taxes straight off of gross revenues. From what I have read before, this plan won't go into effect until 2000, but it is another reason to own Russian oil companies
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