OREANDA-NEWS. March 11, 2014. Within the framework of the All-Russian workshop Almin Rabinovich, Chief Methodologist of Energy Consulting, introduced novelties in the RF Tax Code, particular for extractive industries.

Within the framework of the All-Russian Workshop held in Moscow, Almin Rabinovich, an auditor and Chief Methodologist of the Energy Consulting Group, presented his report. The expert of Energy Consulting highlighted the novelties in the RF Tax Code, effective or coming into force in 2014-2015.

The expert disclosed as well some VAT matters particular for extractive industries such as construction of extractive plants and facilities (wells, mines, pits and excavating plants) and transportation of extracted hydrocarbon and hard minerals, including those ones produced for export. Following the analysis of rankings issued by the Russian Federal Tax Service and judiciary laws, the reporter expressed an opinion on reducing a risk of tax disputes with tax authorities concerning VAT deduction for contracting construction & installation works until the construction of a facility finishes.

The workshop was focused on general matters of issuing invoices, tax base calculating and tax deduction – the matters significant for this industry. Among other raised topics are taxation stability and predictability in the course of reclassification of transactions, accounting policies as a tool for regulation in the area of taxation, risk hedging, income tax calculation, depreciation, and tax provisions based on oil-and-gas industry specifics.