OECD CALLS FOR END TO RUSSIAN OIL EXPORT TAXES
July 1st, 2009
BY KEITH NUTHALL
THE ORGANISATION for Economic Cooperation & Development (OECD) has called in a major economic report on Russia for it to scrap oil export taxes. Branding them "both the largest burden on oil companies in Russia and the least efficient fiscal instrument", the OECD said their application "distorts the price of domestic oil, which is depressed by the tax". Abolition would "achieve a more precise and consistent capture of economic rents", in Russia's oil and gas industry. Generally, the report supported ...
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