02-08-2012 10:21 Belarus
Belarus reduces oil export duties
On 1 August 2012 Belarus reduces export duties on oil and oil products. The relevant decision is envisaged in Council of Ministers’ Resolution No. 691 of 26 July 2012, BelTA learned from the press service of the Belarusian government.
On 1 August the oil export duty reduces from $369.3 to $336.6 per tonne. The uniform rate of export duty on light and dark oil products (apart from petrol), which since 1 October was unified at the level of 66% of the duties on oil, will make up $222.1 per tonne as against $243.7 in July. The same duty will be imposed on benzene, toluene, xylenes. The coefficient of 0.9 will be applied to the export duties on commodity and directly distilled petrol. Thus they will equal $302.9 as against $332.4 per tonne in July. Duty on propane, butane, ethylene, propylene, butylene and butadiene, other liquefied gases will reduce from $133 to $68.9.
The resolution amended Resolution No. 1932 of the Council of Ministers of 31 December 2010 “On setting export duties on crude oil and some oil products and on abolishing some resolutions of the Council of Ministers of the Republic of Belarus.” The document was adopted in accordance with Decree No. 716 of 31 December 2010 “On the rates of export customs duties.”
Starting from 1 October this year Belarus, following Russia, has been calculating export duties on oil and oil products using the formula “60/66”. The formula is applied to the products exported outside the customs territory of the Customs Union. The formula implies that the rates of export duty on light and dark oil products have been harmonized and are calculated using the coefficient 0.66 (66%) of the oil duty. The duty on petrol is calculated using the coefficient 0.90 (90%).
Since 2011, Belarus has been importing Russian oil duty-free. However, export duties on oil products made from this crude and sold to third countries are transferred to Russia’s budget. Export duties on oil produced domestically (1.7 million tonnes per year) are transferred to Belarus’ budget. In H1 2012 Russia received $2,218.7 million in Belarus’ export duties on oil products shipped to third countries.