Russian parliamentary committee approves Transneft tax hike, hitting shares

Reuters11-21 23:47

MOSCOW, Nov 21 (Reuters) - The budget committee of Russia's parliament on Thursday approved to increase to 40% from 20% the tax on profits of state-owned oil pipeline monopoly Transneft starting from 2025.

Transneft's shares in Moscow fell by more than 10% after tax rise was approved during a live-streamed committee meeting.

Russia is seeking to raise taxes as it needs to fund its military campaign in Ukraine. A major tax reform is expected to generate additional revenues worth 1.7% of GDP in 2025.

Economists argue this will not be enough.

Deputy finance minister Alexei Sazanov told the committee that the taxes are increasing for Transneft as it has a monopoly on the transportation of oil.

He also said that the tax increase may boost state budget revenue by between 20 billion roubles ($198 million) and 40 billion roubles per year, TASS news agency reported. ($1 = 101.0955 roubles)

(Reporting by Darya Korsunskaya; Writing by Vladimir Soldatkin; Editing by Alexander Smith)

((vladimir.soldatkin@thomsonreuters.com; twitter: @vsoldatkin;))

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