Government Revenues

: The reported plan comes as Russia is struggling to find ways of making its budget numbers add up, following a renewed slide in the price of oil that has blown a hole in government revenues largely dependent on energy taxes, according to The Moscow Times. RIA said the oil tax proposal would involve changing the method used to calculate a so-called cut-off price of $15 per barrel that determines what proportion of oil companies' revenues is not subject to the extraction tax. The plan would raise an additional 1.6 trillion rubles in revenues in 2016-18, RIA reported. Presently the cut-off price is converted into rubles using the exchange rate that exists when the tax is paid. Under the new proposal the conversions would instead by made using the 2014 exchange rate indexed by inflation, implying a dollar/ruble exchange rate of 43.8 in 2016, 47.1 in 2017 and 49.8 rubles in 2018, as a result of which more of oil companies' revenues would be subject to the tax. This is forecast by the Finance Ministry at 63.5 rubles per dollar in 2016, 64.8 rubles per dollar in 2017 and 65.8 rubles per dollar in 2018, RIA reported. (news.financializer.com). As reported in the news.