Russia’s State Duma approves amendments into Tax Code raising tax on profit of LNG producers

The rate is to be increased from the current 20% to 32% from the beginning of 2023

The State Duma of the Russian Federation says it has approved in the third reading certain amendments into the Tax Code of the Russian Federation today, 10 November 2022. In particular, the amendments foresee the increase of the rate of tax on profit of organizations producing and exporting liquefied natural gas (LNG) from the beginning of 2023 up to the end of 2025. The rate is to be increased from the current 20% to 32%.

15% shall be paid to the federal budget, 17%- to the budget of the constituent entities of the Russian Federation.

Current payment to the federal budget – 3% with the current rate of tax on profit of organizations producing and exporting liquefied natural gas (LNG).