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Russia targets extra profits of energy firms

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LNG exporters will face a 34% tax, while Gazprom will have to pay nearly $30 billion to the state budget

Russian President Vladimir Putin signed a law on Monday which will raise taxes on the country’s energy industry in 2023-2025. Russian oil and gas firms reported record profits this year, despite sanctions.

The profit tax for liquefied natural gas (LNG) exporters has been raised to 34%. The higher levy concerns LNG producers that exported at least one shipment by the end of 2022.

According to the document, energy giant Gazprom will owe an additional 1.8 trillion rubles ($29.6 billion) to the state budget in 2023-2025.

In addition to that, the law provides for an adjustment in calculating the severance tax on natural gas from January 1, 2023, and a temporary increase of mineral extraction tax rates by 380 rubles per ton of coal.

The tax changes are expected to add an additional 3 trillion rubles ($50 billion) to the state coffers over the next two years.

Putin also approved a new rule that will set a limit on oil and gas revenues that can be allocated to finance budget expenditures at 8 trillion rubles ($131 billion) a year in 2023-2025. Starting from 2026, the figure is to be indexed by 4% yearly. This is expected to ensure the stability of budget spending and minimize the impact of the volatility of oil and gas revenues on the economy.

READ MORE: Russia’s Gazprom to pay record dividend
Earlier this month, it was reported that the Russian budget received 41.4% fewer taxes in September than in March. Analysts believe the drop is due to a decrease in Russia’s energy exports because of Western sanctions. At the same time, energy giants like Gazprom have reported record profits this year.

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Boskalis won the second phase of Gulhifalhu Reclamation Project

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BY:FATHIMATH LAUZA,

Royal Boskalis Westminster has been hired by the Ministry of National Planning, Housing, and Infrastructure to carry out the second phase of the Gulhifalhu Reclamation Project.

Boskalis has been hired to dredge and reclaim 18 million cubic meters of sand, as well as install stone revetment around the dredged region, at a cost of USD120 million in the project’s second phase. However, neither the government nor the firm have said how much land would be dredged as part of the project.

Boskalis, located in the Netherlands, announced that it has begun the project’s survey and has done environmental assessments. According to the corporation, the project will be completed in an ecologically sustainable manner. As a result, the firm stated that it will also monitor the movement of coral in the region’s lagoon on a regular basis, prevent the spread of salt pollution, and monitor changes in the quality of the sea salt in the area.

Gulhifalhu is roughly 4 kilometers from Male’ City. The first phase of lagoon dredging began in 2010, with the goal of populating the region and reducing congestion in Male’. However, the previous administration halted the project in 2013.

The present administration has redrafted the Gulhifalhu development plan. Furthermore, the expansion of the international port at Gulhifalhu is projected to alleviate the problems caused by a shortage of space in Male’ Commercial Harbour.

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SSNET begins nationwide cable TV service

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SS Network (SSNET) has begun providing cable TV service to over 90 islands across Maldives, less than two months after the company received its rebroadcasting license.

SSNET received its rebroadcasting license on December 1, 2022; a license which authorizes the company to provide nationwide cable TV service.

SSNET’s Chief Operating Officer Mohamed Asif (Mondhu) said SSNET is providing its service through Dhiraagu’s modern IPTV and OTT network.

Thousands of DhiraaguTV’s customers have switched to SSNET, and are now enjoying its cable TV service.

“The opportunity remains open for customers who had been using DhiraaguTV to register to SSNET with ease,” said Mondhu.

Customers who had used DhiraaguTV do not need to pay an additional fee to make the switch, and can continue to use their set-top box.

Mondhu said that the company is ironing out minor issues with the launch of the new service, which he assured will be resolved within two days.

Dhiraagu’s CEO and Managing Director Ismail Rasheed and SSNET’s Managing Director Zuleykha Manik (Zuley) had signed the agreement which allows SSNET to provide nationwide cable TV coverage using Dhiraagu’s IPTV and OTT network on December 23, 2022.

Mondhu said the launch of SSNET’s service will revolutionize the local cable TV sector, and bring great changes in terms of content.

He said that SSNET aims to provide customers an unparalleled entertainment experience and to “make them smile”.

“We aim to provide them with a happy escape from all the mental distress. SSNET will help build this nation,” he said.

Source(s): sun.mv

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All Bussinesses in main sectors make improvements in 2022

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BY:FATHIMATH LAUZA,

According to the Maldives Monetary Authority (MMA), firms in all main industries rose in the fourth quarter of 2022.

According to the latest Quarterly Business Study, firms in all sectors in the survey indicated increased activity, with the tourism sector rising the most due to a rise in visitor arrivals to the Maldives and an increase in income generated by the industry.

The increase in travelers in the fourth quarter of last year was due to the peak tourism season, according to the authorities, and will continue into the first quarter of 2023, bolstering the economy’s primary industries. The pace of improvement, however, is likely to decrease during the first quarter of the year.

Furthermore, MMA noted that the construction industry has grown at a slower rate than in previous quarters. The industry, on the other hand, is predicted to rise substantially in the first quarter of this year. Furthermore, the wholesale and retail trade sectors grew the greatest in the fourth quarter of last year.

Meanwhile, according to the research, the transportation and communications business increased at a slower rate than in the third quarter of 2022. According to the poll, job prospects in all of these industries rose in the fourth quarter of last year, and company financial positions improved significantly.

MMA conducts the Quarterly Company Survey in order to acquire a fast evaluation of current business trends and predicted future economic activity.

Respondents to the business survey include senior managers or top executives from companies in the tourist, construction, wholesale, retail, transportation, and communication industries.

The questions address the senior management’s perspectives on the direction of change in several business indicators such as sales, production, pricing, capacity utilization, and employment, which are essential for analyzing and forecasting economic activity.

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