Company blog

"DISCOUNT" ON DUTIES

The Ministry of Economic Development of the Russian Federation proposes to transfer transactions for the export of agricultural products to stock exchanges with settlements in rubles. To encourage exporters participating in exchange trading, it is proposed to discount their export duty on grain crops and sunflower oil.
A source familiar with interagency correspondence told Interfax that these proposals are contained in a letter from the Ministry of Economic Development to the government apparatus. It also outlines the preliminary results of discussions on measures to stimulate exchange trade with other departments.
"In order to accelerate the transfer of trade in the main agricultural products for export to national stock exchanges, the Ministry of Economic Development proposes to apply measures to stimulate the conclusion of export transactions at organized auctions with settlements in rubles. As a form of encouragement, it is proposed to apply a correction factor to the export duty rate ("discount") in relation to such exporters ) for certain types of agricultural products (cereals, sunflower oil)," the source quoted the content of the letter.
To this end, it is proposed to amend the legislation that will allow the government to be given the authority to establish tariff incentives or the amount of export duty, depending on the type of transaction, exclusively in relation to agricultural products, indicating the parameters for a possible adjustment in the size of the customs duty rate (no more than 10%).
The mechanism is proposed to be launched on a temporary basis (until December 31, 2023) as part of measures to increase the stability of the economy in the face of external sanctions pressure, the letter says.
One of the ministry's arguments in favor of the proposed scheme is that it will help to push for the transfer of purchases of agricultural products into rubles, even by unfriendly countries.

The source of information: www.interfax.ru/business/874000
2022-12-07 11:36