Cabinet proposes to reduce excise on petrol

Government at today's meeting approved a change in the tax code under which it is proposed to reduce the rate of excise duty on motor gasoline by 50 euros per ton and diesel fuel - 30 euros / tonnes. Told reporters at a briefing on the results of meetings of the Cabinet Deputy Finance Minister Anatoly Myarkovsky. As noted by the Deputy Minister, lower excise taxes on petroleum products is planned to enter, valid for three months starting from the II quarter of 2011. "In three months, II quarter will be lower rates of excise duty on petrol to 50 euros, from 182 to 132 euros per ton, and diesel fuel - 30 euros / tonnes," - he stressed. At the same time, A. Myarkovsky noted that the forecasts of the Government indicated lower rates of excise duty would reduce the retail prices of petroleum products by an average of 50 kopecks. / L. As reported yesterday, the Prime Minister Mykola Azarov said the Government's plans to return to lower rates of excise taxes on petroleum products, which operated in the country before January 1, 2011. It is also necessary to recall that on 30 March, the Government and domestic manufacturers of petroleum products have signed a memorandum of partnership. The memorandum provides for an increase in domestic oil processing refinery and the creation of the state the necessary conditions. In discussing this document Azarov said the government will encourage increased production at domestic refineries and at the same time expects them to attract investment in upgrading capacity refinery. Ministry of Industry