New Fuel Trade Control Discussed at Oil & Gas Association Fiscal Committee Meeting

Monday, 29 May 2017

New Fuel Trade Control Discussed at Oil & Gas Association Fiscal Committee Meeting

New Fuel Trade Control Discussed at Oil & Gas Association Fiscal Committee Meeting

On May 17, a meeting of the Committee on Tax and Customs Policy held a meeting, where an actual revision of the draft decree “About the rules of procedure of the Uniform State Register for reservoir fuel level flow meters and level meters, and about the procedure of meter data transmission to the State Fiscal Service” from the Cabinet of Ministers was studied and approved.

This project was prepared by the Committee together with the members of the Association, representatives from Ministry of Finance, State Fiscal Service, Ministry of Economic Development and Trade, Ministry of Fuel and Power, Metrology Institute experts, manufacturers and importers of similar measuring device.

Note that according to the new revision of the Tax code, the regulations of the excise warehouse, which shall be equipped with flow meters and level meters, extend to all the bulk plants and petroleum storage facilities, not only to the production plants.

According to the document developers, new rules will allow to build an effective automated accounting and control system for fuel turnover and balances, which will relieve law-abiding market players from additional tax inspections and at the same time will pay attention of control bodies on the illegal segment of the market. The final goal of the technical re-equipment is to increase tax revenues to the state budget.

Implementation of the excise warehouses is expected on January 1, 2018.

Oil & Gas Association Fiscal Committee plans to further develop legislative initiatives for creation of flow-through conditions for doing business, corresponding with European methods in fiscal policy.

leave your comment