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Taxes to be reduced for manufacturers of metals for high-tech industries

The government will reduce taxes for manufacturers of metals for electronics and space
Companies that extract minerals for further production of metals that are critical for a number of industries will pay a mineral extraction tax of 6%, which will reduce their costs.

According to Mikhail Mishustin, the government has developed a corresponding bill. According to the provisions of the document, tax deductions are reduced for companies that extract minerals that are subsequently used to smelt critical metals for various high-tech sectors: for the production of unique coatings and products used in electronics, electrical engineering, metallurgy, mechanical engineering, medicine and the space industry.
For manufacturers, it is proposed to set a single mineral extraction tax rate (MET) at 6%.
Earlier, the Ministry of Natural Resources of the Russian Federation determined a list of scarce types of raw materials, approved by the order of the department in April 2024. The list of scarce raw materials includes uranium, manganese, chromium, titanium, bauxite, molybdenum, and tungsten. It includes rare metals lithium, beryllium, rare earth metals (yttrium, lanthanum, cerium, praseodymium, neodymium, samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, lutetium), zirconium, vanadium, niobium, tantalum, and rhenium. Graphite and fluorspar are also considered scarce raw materials. In addition, the Cabinet of Ministers reduced the mineral extraction tax on rare metals by 10 times in 2023.

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