UPDATE 2-Russia to get $55 bln in new oil, gas, metals duties
* FinMin says all ministries on board tax hike proposals
* Extraction tax for gas to increase by 61 pct next year
* Copper export duty back on table, nickel duty to rise
* Tax on tobacco products to go up beyond 30-40 pct
* Oil product export tax to be set at 60 pct of crude tax
(Adds background, quotes, share prices)
By Dmitry Sergeev
MOSCOW, July 21 (Reuters) - Russia will raise the mineral extraction tax on gas by 61 percent from January 1 and increase export tariffs on copper, nickel and oil products to add billions to state coffers, the Finance Ministry said Tuesday.
The Finance Ministry has been pressing for tax hikes on gas extraction for years, but the government rejected proposals in favour of gas export monopoly Gazprom (GAZP.MM) which claimed the increases would force it to cut investment. [ID:nLT701981].
"Finally we have succeeded, and all government ministries are in uniform agreement with our proposals," the head of the Finance Ministry's tax department, Ilya Trunin, told reporters.
Other proposals include raising crude oil extraction taxes; setting oil-product export duties at 60 percent of the crude export duty rate from 2013; and increasing gasoline and diesel fuel excise duties by one rouble for the next three years.
The entire package of proposed tax increases on oil and gas will add 743 billion roubles ($24.4 billion) to the state budget through 2013, Trunin said.
Taxes from oil and gas account for over half of Russia's budget and the proposed increases will be used to help plug the country's 5.4 percent budget deficit, which totalled $14.25 billion for the first six months of the year. [ID:nLDE66B1GA]
According to the Finance Ministry's gas extraction tax proposal, which will mark the first increase since 2005, the tariff would rise by 61 percent in 2011 and then in smaller increments of 6 percent in 2012 and 4.5 percent in 2013.
Trunin said the government will review the ministry's tax proposals later in the week.
Gazprom and Russia's oil majors' shares were unaffected by the duty hikes, trading in line with Russia's benchmark MICEX index, which was up 1.65 percent as of 1350 GMT.
COPPER, NICKEL, TOBACCO
The ministry has also proposed to reinstate a 10-percent export duty on copper, peg its nickel tariff to market prices, and increase the excise duty on tobacco products by more than the 30-40 pct level previously agreed.
"The rate of the nickel tariff will be set at between 5-30 percent," Trunin said.
"The scale for nickel starts at $12,000. Up to $12,000 it is exempt, then the rates are 5.0 percent, 7.5 percent and so forth. The maximum rate is 30 percent, which is not imposed on the full volume but only on the excess above $20,000 per tonne."
Russia lifted a 10 percent copper and a 5 percent nickel export tariff in February of last year to help Norilsk Nickel (GMKN.MM) and other producers, but it has since restored the nickel tariff.
The new nickel tariff will be set in 2011 or earlier.
In September 2009, a senior government official was quoted as saying that Moscow may restore export tariffs on all base metals traded on the London Metal Exchange.
Aluminium and its alloys, copper, nickel, tin, lead and zinc are traded on LME. Since the early 2000s the Russian government has gradually abolished export tariffs on most base metals to support domestic producers.
Nickel CMNI3 is currently traded at around $19,391 per tonne.
Russia's mining giant Norilsk Nickel (GMKN.MM) is the world's top producer of the metal. It is also Russia's largest producer of copper.
Citibank said in an analyst note that the tariff increases could shave 5 percent off its Norilsk's EBITDA estimate for 2011, 2013, but market sentiments remained unmoved by the news.
Norilsk was trading up 1.33 percent at 1355 GMT on the MICEX. (Writing by Jessica Bachman; eediting by James Jukwey)
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