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10 Oct 2019

Belarus’ losses due to Russian tax maneuver estimated at $400m in 2020

Belarus’ losses due to Russian tax maneuver estimated at $400m in 2020

MINSK, 10 October (BelTA) – The Belarusian Finance Ministry estimates the country’s losses due to the tax maneuver in Russian oil industry at $400 million in 2020, Belarus’ Finance Minister Maksim Yermolovich told the media on 10 October, BelTA has learned.

“These are $800 million taking into account the losses in 2019. This comprises $400 million in 2019 and 2020 each,” Maksim Yermolovich said when asked about Belarus’ losses due to the tax maneuver.

As for the talks with Russia on possible compensation, the minister said: “We are in the process [of the talks].”

In September 2019, Chairman of the State Customs Committee Yuri Senko said that Belarus lost some Br520 million on tax duties to the Russian tax maneuver.

The tax maneuver was introduced in the Russian oil industry in 2015. Its first stage lasted up to 2018. The final stage was launched in 2019 to last till 2025.

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