Belarus has reduced export duties on oil and petroleum products
01/11/20120 views
1 November, Minsk /BELTA correspondent/. Belarus will reduce export duties on oil and oil products from November 1, 2012. This decision is contained in Resolution of the Council of Ministers No. 981 of October 26, 2012, officially published on the National Legal Internet Portal of Belarus, BELTA reports.
The export duty on crude oil from November 1 has been reduced from $418.9 to $404.5 per ton. The unified rate of export duty on light and dark oil products (excluding gasoline), which has been unified at 66% of the oil duty rate since October 1, 2011, will be $267 per ton from November 1, 2012, compared to $276.4 per ton in October 2012. The same duty is set for benzene, toluene, and xylenes. For commercial gasolines and straight-run gasoline, the rate of export customs duties, based on a coefficient of 0.9, is $364.1 instead of $377 per ton in October. However, the duty on propane, butanes, ethylene, propylene, butylene and butadiene, and other liquefied gases has increased from $172.5 to $192.4.
The Resolution amends Resolution of the Council of Ministers No. 1932 of December 31, 2010 "On establishing export customs duty rates for crude oil and certain categories of oil products, and repealing certain resolutions of the Council of Ministers of the Republic of Belarus". The document was adopted in accordance with Decree No. 716 of December 31, 2010 "On export customs duty rates".
Since October 1, 2011, Belarus, following Russia, has been calculating export duties on oil and oil products using the "60/66" formula. This applies to products exported from the territory of the republic outside the customs territory of the Customs Union. The calculation formula implies that the export duty rate on light and dark oil products is unified and calculated with a coefficient of 0.66 (66%) of the oil duty rate. Simultaneously, from October 1, the export duty on oil was reduced by decreasing the percentage of the difference between the oil monitoring price and the cut-off price from 65% to 60%. In this case, the coefficient for calculating the duty rate on gasoline is 0.90 (90%).
Since 2011, Belarus has been importing Russian oil duty-free, but remits export customs duties on oil products manufactured from this hydrocarbon feedstock and sold to third countries to the Russian budget. The Republic credits export duties from the sale of its own extracted oil (approximately 1.7 million tons per year) to its own budget. Thus, for January-September 2012, Belarus remitted $2.93 billion in export customs duties on oil products derived from Russian oil to the Russian budget. For the entire year 2011, the amount was $3.07 billion.-0-
BELTA