[R-P] Las oligarquías semicoloniales y las inducciones impositivas (el caso ruso)
nmgoro en gmail.com
Mar Mayo 27 08:33:35 MDT 2008
La noticia de Reuters que repito abajo (en inglés) revela que, para
"inducir" a la inversión a la burguesía petrolera rusa, el gobierno de
Moscú propone liberarla de impuestos. Los paralelismos entre esta
situación y la de los ruralistas argentinos es demasiado evidente como
para que dejemos pasar sin traducción, al menos, el incisivo
comentario introductorio de Yoshie Furuhashi, que hizo llegar estas
líneas a la lista A-List:
¿Será este el principio del fin del nacionalismo de recursos,
derrotado por la negativa del capital a invertir y por lo tanto por la
caída de la producción? Pero dónde está la garantía de que el dinero
que se ahorre con las reducciones impositivas vaya realmente a
inversiones en producción petrolera? - Yoshie
> Russian govt clears first step in oil tax cuts
> Mon May 26, 2008 1:15pm BST
> MOSCOW, May 26 (Reuters) - The Russian government cleared on Monday a
> proposal to reduce the mineral extraction tax on oil, the first of
> many steps it is planning in order to revive production growth in the
> key industry.
> The government approved amendments to the tax code under which the
> tax-free threshold for mineral extraction tax will rise to $15 per
> barrel from the current $9. The amendment needs to be approved by
> Finance Minister Alexei Kudrin has said the measure will allow oil
> firms to save over $4 billion annually and invest this money into new
> projects to spur production growth.
> Former president and current prime minister Vladimir Putin has also
> promised to introduce tax breaks for new oil-producing regions such as
> the Arctic shelf, Yamal and Timan-Pechora. (Reporting by Darya
> Korsunskaya, writing by Dmitry Zhdannikov; editing by Amie
> Russian government approves tax cuts for oil firms from 2009
> 17:28 | 26/ 05/ 2008
> MOSCOW, May 26 (RIA Novosti) - Russia's government has approved a bill
> to cut taxes for oil companies from 2009, a deputy finance minister
> said on Monday.
> "All the measures related to reducing the tax burden will enable
> businessmen to use free funds for development," Sergei Shatalov said.
> According to Finance Ministry estimates, the tax cut will grant oil
> companies 165-175 billion rubles ($6.9-7.4 billion) a year.
> Tax holidays for on-shelf projects will be offered for 10 to 15 years,
> the deputy finance minister said.
> According to Shatalov, tax holidays will be granted for 10 years for
> companies engaged in prospecting and for 15 years for companies
> engaged in oil prospecting and production.
> Meanwhile, tax holidays for the Timano-Pechora oil and gas province in
> northern Russia and the Yamal peninsula in the northeast Urals will be
> granted for a term of up to seven years, Shatalov said, adding that a
> decision on tax holidays will also take into account the volume of
> crude production at the deposits.
> Russia's government has also approved a differentiated scale of excise
> duties on gasoline and diesel fuel from 2009 depending on the quality
> of petroleum products, Shatalov said.
> The excise duties will be differentiated depending on the category of
> gasoline and fuel and their compliance with European standards,
> instead of the current differentiation by the octane number, the
> deputy finance minister said.
> May 26, 2008, 22:24
> Russian oil companies to get tax holidays
> The Russian government has approved tax cuts of $US 4 billion for oil
> companies from 2009. The reduction of the mineral extraction tax, a
> key reform for the country's oil companies, is believed to be the
> first step towards reviving production growth in the industry.
> The state collects more than 90% of oil company profits through
> corporate and production taxes, including export duties of 65% on oil
> sold at more than $US 25 a barrel.
> That's been great news for Russia's reserves and its economic
> stability, but bad news for production growth, which has dwindled to
> almost nothing in the last few years.
> Analysts say the high taxes have been hampering companies from taking
> on new challenges.
> Chirvani Abdoullaev, a senior analyst from Alfa-bank, said: "They were
> shifting their investments to the easy pickings and leaving behind a
> lot of oil that is harder to extract, which requires more investment,
> more technology."
> However, the Russian government is now taking steps to change this.
> Prime Minister Vladimir Putin said: "We should increase the profit
> amount exempt from Mineral Extraction Tax from $US 9 a barrel to $US
> 15 a barrel."
> Meanwhile, Finance Minister Aleksey Kudrin has admitted Russian
> pensioners will be directly hit by the oil tax cuts. He said in the
> short term, concessions will only hit the National Welfare Fund,
> designed to plug shortfalls in the pension system, but that the state
> budget would be unaffected.
> "We're correcting decisions made five years ago. This will affect our
> tax receipts. The federal budget is structured in such a way that oil
> and gas incomes go into a separate National Welfare Fund. This will be
> hit the hardest by the cuts," he said.
> Other tax incentives are also under discussion and expected to be
> approved by the country's parliament by the end of the summer.
> Many analysts agree that any reduction of the tax burden is a step in
> the right direction, and Alfa Bank says even the first initiatives
> could lead to a huge increase in the value of oil stocks - of up to 30
> OPINION: Oil taxes: Mind the gap - $20 bln tax cut but in two stages
> Contributed by Chris Weafer, chief strategist at UralSib
> MOSCOW, May 26 (Prime-Tass) -- $20 bln tax savings at $100/bbl oil. We
> believe that the government is close to announcing a mechanism to
> reduce the tax burden in the oil sector. Rather than devising a new
> formula, we believe that the tax cut will be derived from indexing the
> parameters of the existing Mineral Extraction Tax (MET).
> Currently, MET is calculated using the formula set in 2002 and this
> has been adjusted for inflation only once, back in 2004. By including
> inflation and ruble appreciation indexation, the changes in the tax
> charge will result in a return of approximately $20 bln (gross) to
> Russian oil companies. In addition, we believe that the government
> will review proposals for a tax holiday in designated oil regions, and
> changes in excise duties and export tariffs, both for crude oil and
> oil products. If accepted, these amendments will increase the money
> "given back" to the industry beyond the $20 bln from the MET changes.
> A $20 bln gross tax reduction will result in a post-tax bottom line
> gain of approximately $15 bln.
> But, potential disappointment to come with the first cut. Prime
> Minister Vladimir Putin recently confirmed that a tax cut for the oil
> industry is on the way. He said that the enabling legislation will be
> presented to the Duma during this spring session. However, we expect
> the cut in the oil sector tax burden to come in two parts.
> Part one is expected to involve the indexation of the "tax free base"
> used in the MET formula from 2004. This will reduce the tax bill for
> oil companies by an annualized $5.4 bln (annualized, gross) (or $4.1
> bln net of profit tax) from the fourth quarter of this year. It is
> also possible that during the first phase, the government might
> approve a seven year tax holiday for new fields in certain regions.
> Part two will involve further reductions in MET. This, at the current
> year to date average price for Urals ($120/bbl), will result in a tax
> reduction of $20 bln from 1 January, 2009. In addition, there will be
> cuts in excise tax for oil products and export tax for crude oil and
> oil products.
> If only details of phase one of the tax cut is released, and without
> clarification of the changes to come in phase two, then we would
> almost certainly see a sharp fall in the price of oil stocks and the
> market overall. When the full package is made clear we expect this to
> be a positive driver for oil shares, and the market, from current
> price levels.
> Confirmation in next few days. In terms of timing, details of the
> first phase reduction of $5.4 bln (annualized, gross) could come in
> the next few days, once the government submits the proposed
> legislation to the Duma. Details of the second phase changes, if not
> made clear at the same time, will likely be made known by mid June.
> This is because they will have to be contained in the 2009 draft
> budget assumptions, and the finance ministry usually makes these known
> around this time.
> Investment Strategy
> Best placed shares. The expected changes to the MET, plus other
> possible adjustments in the excise duty and export tariffs that may be
> implemented also as part of a broad review of taxation in the
> industry, will mainly benefit companies operating in Russia's new oil
> regions of Timano-Pechora and Eastern Siberia. In the former region,
> the main beneficiaries will be LUKoil and Rosneft, with Surgutneftegaz
> and West Siberia Resources also likely to benefit, but to a lesser
> extent. In Eastern Siberia, the main beneficiaries will be Rosneft and
> Surgutneftegaz with TNK-BP and Urals Energy also in line to benefit.
> The expected increase in oil field spending across the industry will
> also benefit the oil service companies: Eurasia Drilling, Integra and
> Long term projects. We believe that as much as 100% of the extra cash
> will be invested by the oil companies into long-term upstream projects
> with a long pay back period. There are not many large fields currently
> under developed that are close to production and which could avail of
> the tax holiday in the nearest future. Most additional growth in the
> long term will come from currently unexplored blocks in areas like
> eastern Siberia, which is planned to be the prime source of crude for
> the East Siberian Pipeline.
> Tax holidays. It is also possible that the government might consider
> the possibility of introducing tax holidays for such prospective
> regions as Timano-Pechora and the continental shelf of the Russian
> Federation. It is important to stress that we expect tax holidays not
> only for fields under exploration (usually referred to as "new
> fields") but, more importantly, for fields still in the development
> stage. We also feel there is a possilbility that holidays for the
> continental shelf will be expanded to the "sea shelf" too, which would
> give strong stimulus to speed up exploration and development
> activities on the shelfs of the Black and Caspian Seas. The winners of
> such a move would be LUKoil, which develops the resources on the
> Russian sea shelf of the Caspian Sea and Rosneft, which has three
> offshore projects on the Black Sea and Azov Sea.
> Stay long and consider "insurance". If only the phase one news is made
> known then the oil shares and market would suffer a sharp fall. But if
> details of the full package are made public at the same time, then
> shares will rise, in our opinion. Three options to consider for
> - If you believe the government is likely to also confirm a broad
> outline of more substantial cuts at the same time as it publishes
> legislation to approve the $5.4 bln reduction, then stay long in oils
> and add to positions now.
> - If, on the other hand, the government follows its normal practice of
> not commenting on future plans and only publishes the legislation for
> the first phase of the cut, then we will see a very sharp correction
> in the oil sector and across the broader market.
> - Given the short-term uncertainty and our conviction that details of
> the second phase, consisting of substantial cuts, will be revealed
> with the proposed 2009 budget changes during the summer, the best
> strategy is to stay long in oils and also to look at the futures and
> options market for insurance. The potential volatility of such a move
> more than justifies the premium to be paid for options market
> "insurance". The RTS Index LUKoil and Gazprom derivative instruments
> all trade with large daily volumes on both the Futures and Options
> bourses in Moscow.
> Please note that opinions contributed to Prime-Tass are not edited. If
> you would like to contribute your opinion, please send an email to
> editor en prime-tass.com.
> 26.05.2008 11:46
El texto principal de este correo puede no ser de mi autoría
Más información sobre la lista de distribución Reconquista-Popular