The Ministry of Finance suggests partially compensating Gazprom’s unreceived dividends through raising the mineral extraction tax (MET) for the monopoly, as it will increase budget revenues by about 30 billion rubles by the year-end, Kommersant reports quoting the sources.

The Ministry of Finance prepared amendments to the Tax Code, which will increase MET payment by Gazprom for gas in Q4. It was suggested doing through raising the coefficient in the formula of tax calculation from 1.7969 to 2.2738 in October-December. The newspaper notes that the rate is higher for the monopoly than for independent gas producers.

The edition sources explain such measure by the fact that Gazprom approved lower dividends for 2016 than anticipated. The Ministry and the gas concern declined to comment.

Meanwhile, it is noted that MET raise will not compensate unreceived dividends. The Ministry of Finance included into this year’s budget Gazprom’s dividends, amounting to 18.86 rubles per share, or 446 billion rubles, but the monopoly will pay 190 billion rubles (20% from net profit for 2016 under IFRS).

The government came to such conclusion after the public recommendation of President Vladimir Putin, who claimed in May that it is not worth using Gazprom’s “paper” profit, triggered by exchange difference, for calculation of dividends. Minister of Finance Anton Siluanov indicated then that with such approach there was no need to take into account Gazprom’s “paper” profit in 2015, triggered by the same reasons. Siluanov said on SIEF’s sidelines that the Ministry of Finance will continue insisting that state companies gave 50% of net profit for dividends, “notwithstanding certain this year’s decisions on Gazprom, Rosneft”.

The amendments, suggested by the Ministry of Finance (which include also excise duties for 2018 and prolongation of current parameters of MET formulas for gas and oil for 2020), are still at the early stage of discussion and were not yet considered by the government, the newspaper reports. Meanwhile, if the Ministry of Finance wants to collect additional funds from Gazprom this year, it will need to assure adoption of amendments to the Tax Code until late August. It will be not simple, as State Duma’s summer holidays will last for the whole August. If the Ministry manages to introduce amendments in time, it will give an effective tool to impact Gazprom as concerns dividends.