Excess Profit Tax for oil industry proposed by rating agency

Excess Profit Tax: Replacing the current system of revenue-based taxes with an Excess Profit Tax (EPT) could help avoid a decline in Russia’s oil production in the next few years, the international rating agency Fitch suggested this week. The agency believes that by taking into account the cost of production, the change would prevent a decline in ouput from traditional brownfield sites in Western Siberia and Urals. RIA Novosti