Finance minister proposes import tax on Russian oil

Finance Minister Igor Matovic (OLaNO) will submit a bill to the Government aiming to tax the differential in prices between cheaper Russian oil and Brent type oil with a 30-percent tax rate, due to be applied to all Russian oil processed in Slovakia, TASR learnt on Tuesday. "We'll introduce an extraordinary tax on benefits stemming from the procurement of Russian oil which is processed in Slovakia," Matovic stated at a press conference. The minister detailed that in the past Russian oil was 5 dollars (€4.7) cheaper in its price per barrel than Brent oil, but currently the price of Russian oil has decreased by 30 dollars. According to the proposal, the first five dollars of the price differential will remain tax-free, with the rest to be burdened by a 30-percent tax. Matovic added that if the Government fails to impose the import tax, his finance ministry will introduce price regulation on motor fuels to achieve the same end.