export duties will restrain exports from Russia – Kommersant
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Owner of Severstal (MOEX: CHMF) considered that export duties pegged to the dollar exchange rate would restrain Russian exports. He said this at the international export forum “Made in Russia”.
“No one will restrain our exports more than export duties. The situation with the budget is clear, the need to replenish it and the need to adjust the tax system, but I would like to avoid very painful dangerous decisions that could hinder our growth in such important areas as export development,” said Mr. Mordashov (quoted from TASS).
The billionaire added that Russia will have to undergo additional adjustments to its tax system and in this situation it is necessary to be careful and avoid decisions that could lead to losses.
A Kommersant source in the Russian government said that the authorities are discussing the possibility of changing exchange rate export duties. A link to world prices for the corresponding goods may be added to the formula for their calculation. The duty may be reset if the exchange rate decreases or world prices fall below a certain level.
More details in the text “Kommersant” “Exporters’ margin will be measured seven times”.
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