Russia: Duma Votes for Tax Breaks to Tatneft
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Tuesday, 22 November 2011 |
Russia’s lower house of parliament, the Duma, has voted to award tax breaks worth $1.2bn to Tatneft. The company, which experienced losses from a new tax regime introduced in October, will receive compensation over a six-year period.
The company, which has invested 180bn rubles in refinery construction, stood to lose over $1bn from the new regime, which penalises exporters of heavy oil products. The Duma defied the stance of the Government, which had stated its intention to postpone a decision on tax breaks for Tatneft until next spring.
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