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The federal law put a new chapter of the Tax Code into effect, which established special tax rules for contracts signed in keeping with the law on product sharing agreements.
The said special tax rules provide for replacing the payment of aggregate taxes and dues, as established by the Russian legislation on taxes and dues, by the sharing of the products produced in keeping with the terms of a contract, except for the payment of specially stipulated taxes and dues.
The federal law aims, first, to create the most favourable conditions for investors putting their funds into mineral exploration, development and production and second, to guarantee that the state would receive a part of the profits from this activity.
June 7, 2003