Updated at 17:11,20-07-2018

DPM Semashka: Belarus' budget to get $2.5 bn thanks to Russia


Belarus and Russia will continue negotiations on tax maneuvers in the oil sector early next year.

This was announced by Deputy Prime Minister of Belarus Uladzimir Semashka. "For the first time all export duties [of petroleum products made ​​from Russian oil]in the amount of 2 billion 529 million dollars will remain in the Belarusian budget. This figure is considerable," BELTA quoted words of Semashka. The first deputy prime minister also said that it was unclear how long the tax maneuver will be in place.

It should be recalled that in mid-September there were opinions in Russia in favor of the so-called "tax maneuver" - a tax increase on the extraction of natural resources, including oil, with a parallel reduction of export duties on exports of oil and petroleum products. Alyaksandr Lukashenka said at the time that the Belarusian economy will lose about $1 billion because of the Russian "tax maneuver." The Belarusian side insisted that Russia allowed Belarus not to transfer to the Russian budget export duties on oil products produced from Russian oil. It was achieved as a result of the negotiations.