Fuel excise duties to triple

The proposal was made by the Belarusian Ministry of Finance.

Excise duties on motor fuel can rose from 2.4 to 3-fold in 2014. The proposal of a sharp increase in excise duties is contained in the draft law on amendments to the Taxation Code prepared by the Ministry of Finance, BelaPAN news agency reports.

The excise duties will be increased on two stages: petrol excise duties are expected to raise 45% in the first half of the year and 65.5% in the second half of the year (a total 2.4-fold increase). Excise duties on diesel fuel will grow 70% in the first half of the year and 76.5% in the second half of the year (a 3-fold increase).

In absolute terms, the excise duty on a tonne of petrol with the octane rating higher than 95 will be 1,785,700 rubles in the first half of the year and 2,955,600 in the second one (the current duty is 1,231,500); excise duty on a tonne of petrol with the octane rating from 91 to 95 will be 2,238,800 and 3,705,600 (1,544,000) respectively; on a tonne of diesel fuel – 1,686,100 and 2,975,400 (991,800).

Excise duties on biodiesel (called diesel fuel with fatty acid methyl esters in the new edition of the Taxation Code) as well as on fuel gas and motor oil will be raised 10%, which meet the expected inflation rate for 2013.