The Ministry of Finance of the Russian Federation is preparing amendments according to which ALROSA can pay an additional 19 billion rubles to the budget in the first quarter of 2023, Sergei Romanov, director of the Department of Budget Methodology and Financial Reporting in the public sector of the Ministry, said during a meeting of the State Duma Budget Committee.
"We are currently amending the Tax Code to increase for a limited period, for the first quarter of 2023, the mineral extraction tax by 19 billion rubles for natural diamonds that are mined by ALROSA," he said.
"We have prepared the relevant amendments, on Monday they will be considered at the commission on legislative activity and submitted to the State Duma next week," the Deputy Finance Minister said.
At the same time, the State Duma Budget Committee approved government amendments to the Budget Code, which temporarily, for two months, change the current redistribution of mineral extraction tax from diamond mining to the budget system.
Now 100% of the mineral extraction tax from the extraction of natural diamonds goes to regional budgets. The amendments propose for ALROSA to centralize 46% of the mineral extraction tax in the federal budget from March 10 to May 10, 2023, while 54% of the tax will be paid to regional budgets.
Now ALROSA pays 8% of revenue in the form of mineral extraction tax. Since 2021, the tax is calculated based on the actual selling prices, and not from the prices of the price list of the Ministry of Finance, as before, which in the conditions of rising diamond prices leads to an increase in tax deductions.
ALROSA shares reacted to this news with a decline. On the ninth of December, by 15:00 Moscow time, the company's securities lost about 4%. The Moscow Stock exchange index sank by 0.4%, bcs-express.ru writes.
Alex Shishlo for Rough&Polished
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