Rules for imposing excise taxes on transactions with petrochemical products to be specified

The concepts of benzene, paraxylene, orthoxylene in the Tax Code will be updated, and the possibility of reducing the excise tax on them will be clarified. The State Duma adopted such a law in the third reading at the plenary session on February 9.

The document introduces amendments to the legislation regulating the procedure for taxation of certain transactions. Among other things, the rules for paying excise taxes on operations with benzene, paraxylene, orthoxylene, the tax base for them are specified, and advantages are established for manufacturing companies in terms of applying tax deductions.

In addition, the transfer of money to finance the participation of a managing partner in a service risk agreement under a financing management agreement will be exempt from VAT. The law establishes the specifics of determining the amounts of tax claimed by a participant in such an agreement for deduction.

The document also updates the list of non-operating expenses, income not taken into account when determining the tax base, expenses not taken into account for tax purposes.

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