OREANDA-NEWS. July 26, 2011. President of Belarus Alexander Lukashenko signed decree #320 on Tuesday. The decree regulates certain aspects of taxation of natural resources extraction, said the press service of the Belarusian head of state.

The decree provides for replacing the flat rate tax on oil extraction (3,103 Belarusian rubles (Br) per tonne) with a rate calculated in U.S. dollars and used on the basis of the average monthly prices for Urals oil variety on global markets.

The decree also provides for raising the tax on potash salt extraction from 972 rubles to 12,240 rubles per tonne.

Apart from that, the decree set the rate of the tax on extracting sand clay and clay loam at 211 ruble per cubic meter. The extraction of these resources has not been taxed up till now.

The press service said that the increased tax on oil and potash salt extraction as well as the introduction of the tax on sand clay and clay loam extraction will secure 97.8 billion rubles in extra revenues for the state budget.