Andrey Belousov: "Metallurgists outflanked the state for 100 billion rubles"

Andrey Belousov: "Metallurgists outflanked the state for 100 billion rubles"
Andrey Belousov: "Metallurgists outflanked the state for 100 billion rubles"
31 May, 11:52Economy
First Deputy Prime Minister Andrei Belousov said that against the backdrop of the pandemic crisis last year, the income of Russian metallurgical companies increased "several times", including due to higher prices on the domestic market.

He believes that the companies should return about 100 billion rubles to the budget.

"We figured that metallurgists (state, budget) - excuse me for this word - have outflanked us on about 100 billion rubles in terms of state investments and state defense orders", - RBC quotes the words of the first deputy prime minister.

The official believes that the company's funds should be returned to the budget in the form of tax.

“I told some of them:“ Guys, now I won't even think about how to withdraw [this money] from you - such a tax, that way, through the severance tax”, - Belousov said.

He noted that the companies "of course understand" that they must return these super profits.

"Our market is free, but the state has every opportunity to establish taxes in such a way that what they received can be taken from them. This, I think, we will do", - said the official.

The Deputy Prime Minister believes that such methods of fighting high domestic prices as export duties and a damper will harm the competition of metallurgists in foreign markets. He is of the opinion that it is better not to introduce an export duty, but instead to raise the MET - a tax on mineral extraction.

Against the background of his announcement, shares of metallurgical companies crawled down 106%.

While still an aide to the president, three years ago, Belousov estimated the super profits of metallurgists, fertilizer producers and gas chemists at more than 500 billion rubles. He proposed to use these funds to implement the presidential decrees in May. The plan was transformed into a program to stimulate investment in Russia.

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