“Export whatever you want!” – Russia Plans to Reduce Export Duties

In News by justin

A draft government decree on reducing or zeroing export duties is currently under discussion

On the 1st September, the government plans to reset or reduce the rates of customs duties on certain exported goods, according to newspaper Isvestiya. The governments draft resolution has been prepared in response to the commitments made upon joining the World Trade Organisation, said Assistant Minister for Economic Development, Elena Lashkina. The first reduction in the rates of export customs took place three years ago, on the 1st of September 2013.

The current draft regulation provides for a regular decrease in the rate of export customs duties on certain types of goods from September 1st 2016. At present, products subject to customs duties are mainly raw materials, including wood and wood products, crude oil, oil products, ethyl alcohol, seeds and seafood.

According to the Federal Customs Service, in 2015 the amount of revenue from export operations amounted to 2.7 trillion roubles. If the draft resolution is approved, the income from exports will decrease significantly. Advisors to the President of the Chamber of Commerce of the Russian Federation, Georgi Petrov, said that the consequences of this decision are difficult to asses but he noted that Russia will continue to fulfil its commitments to the WTO.

According to Petrov, export duties were introduced in Russia in the period when the internal system of taxation had not been amended. Now that this system has been adjusted and, for example, the budget receives more funds in the form of revenues from taxes on oil production, than the income from export duties, Petrov noted.

Translated from original at http://logirus.ru/news/custom_and_ved/berite_ludi_dobrye_i_vyvozute.html