Russias Mining Fiscal Regime: H1 2014

Russias Mining Fiscal Regime: H1 2014 Synopsis Timetric’s Russian fiscal regime report outlines governing bodies, governing laws, licenses, rights and obligations and tax-related information on 10 commodities: coal, iron ore, copper, zinc, bauxite, gold, silver, nickel, chromium and manganese. Executive summary Russia has a range of natural resources, including oil fields, coal deposits and many strategic minerals. However, adverse climatic conditions and remote locations make the exploitation of resources difficult. The mining industry in Russia is governed by the Ministry of Natural Resources and Environment of the Russian Federation, and the Federal Agency on Mineral Resources. The Subsoil Law is the main law for regulating mining activities in the country. Scope The report outlines Russia's governing bodies, governing laws, mine ownership and business licenses, mining rights and obligations, key fiscal terms which includes one-time payments, rents and fees, severance tax, corporate income tax, transport tax, property tax, local taxes, depreciation, tax incentives, withholding tax, loss carry forward and VAT. Reasons to buy Gain an overview of Russia's mining fiscal regime. Key highlights The Ministry of Energy is a federal executive body responsible for drafting and implementing government policies and legal regulation in sectors including oil and fuel, electric power, renewable energy and hydrocarbons. The Ministry of Natural Resources and Environment of the Russian Federation is a federal executive body responsible for formulating state policy. It also devises regulations covering the study, renewal, and conservation of natural resources. The Federal Service of Environmental, Technological and Nuclear Surveillance is an authorized agency for issuing mining allotments. The document defining mining allotment boundaries should be included as an integral part of a license. The Federal Service for Surveillance in the Sphere of Nature Use is responsible for...