Machine-building steelmakers to be excluded from new Russian excise tax on liquid steel

The Russian Federation's Ministry of Finance is preparing a list of machine-building plants to be excluded from a liquid steel excise tax, Aleksey Sazonov, Russian Federation deputy minister of Finance said on November 8 during a State Duma committee meeting on budget and taxes.

"A number of Russian machinery-building plants have their own small steelmaking capacities...They will be excluded from excise taxation based on the list to be maintained by the Ministry of Industry and Trade," Sazonov said.
Bill number 1258307-7, which provides "amendments to part two of the Tax Code of the Russian Federation," was submitted to the lower house of the Federal Assembly of Russia, known as State Duma, on September 9. The second of three hearings was scheduled to take place on November 11, to be followed by ratification by the upper house of the Federal Assembly of Russia and then signing by the Russian Federation President, State Duma announced.

The list of machine-building steelmakers to be excluded from the liquid-steel excise tax should be in place after the second hearing,...

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