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Finance ministry working on proposals to cut royalty for new

[northofseven]

The Finance Ministry of Ukraine is working on proposals to cut royalties for new gas wells, Minister Oleksandr Danyliuk said in parliament on Friday.

"Under the order of the prime minister we are working on a tool to stimulate production at new wells. I think that we will be ready to consider the amendments [to the budget] at second reading. We would have the position on the issue," he said.

As reported, earlier Ukrainian Prime Minister Volodymyr Groysman supported the idea of cutting the royalty for new gas wells at the end of 2016. However, the parliamentary committee for tax policy rejected the initiative.