Russia could possibly increase its gas mineral extraction tax (MET), whilst potential for boosting oil MET is exhausted, Finance Minister Alexei Kudrin said on Friday.
In July 2010, Kudrin said he was looking to raise the oil and gas extraction tax to 0.5 percent of GDP, which would amount to $6 billion, to plug the country's 5.9 percent budget deficit.
The increase in gas MET will be the first since 2005. Gas producers currently pay 147 rubles ($4.81) per 1,000 cubic meters of gas extracted.
The taxes will continue rising until 2013, resulting in an 80 percent increase in the gas MET and a 12 percent increase in the oil MET.
"I believe there is potential for raising the gas MET," Kudrin said.
RIA Novosti
