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Energy

Russia's finance minister urges higher taxes on natural resources sector

MOSCOW, April 30 (Reuters) - Russia should consider raising taxes on its natural resources sector, adding to an increase in 2020, and ease the tax burden on other sectors, such as technology and small businesses, Finance Minister Anton Siluanov said on Friday.

“We need to stimulate the new economy as we see that the resource economy will be gradually replaced by new economic patterns,” Siluanov said.

Russia targeted the mining, tobacco and oil industries with higher taxes last year, as well as raising taxes for individuals with annual incomes of more than $66,626 and taxing bank deposits.

Siluanov said that the overall effect of any tax changes should be neutral for the economy.

Russian President Vladimir Putin said earlier this month the corporate sector was on course for record profits, which raised the prospect of “the possible fine-tuning of tax legislation at the end of the year”. ($1 = 75.0450 roubles) (Reporting by Darya Korsunskaya; Writing by Andrey Ostroukh; Editing by Barbara Lewis)

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