Russian Prime Minister Mikhail Mishustin approved a resolution approving the rules for concluding agreements between the Ministry of Energy and petrochemical enterprises within the framework of the reverse excise tax on ethane and liquefied petroleum gas (LPG). This was reported by the press service of the government.
Excise tax is introduced from 2022. Companies that invest in the renovation and construction of new production will be provided by the state with a double tax deduction for ethane and LPG – a reverse excise tax with an increasing coefficient of 2.
“To do this, they will need to conclude agreements with the Ministry of Energy, within the framework of which the fulfillment of the obligations of investors will be monitored,” the message says.
To receive a reverse excise tax, processors must invest at least 65 billion rubles in the renewal of production from 2022 to 2027. Reimbursement of costs for investors who have pledged to allocate over 110 billion rubles for the modernization of LPG processing facilities will be large, the government noted.
In addition, the document approved by Mishustin lists installations related to the production of petrochemical products, which may also be the subject of an agreement with the state. Companies will have to report on the fulfillment of their obligations annually by March 30.
Since July 20, it has become known that the transfer of cars from gasoline to gas for Russians has become 90 percent cheaper. The state subsidizes 60 percent of the cost of the refurbishment from the budget, while Gazprom subsidizes another 30 percent as part of the marketing programs of its subsidiary Gazprom Gazomotornoye Toplivo.