Medicines, industrial tools and marshmallows will be exempt from exchange rate duties

The government subcommittee on customs, tariff and non-tariff regulation will remove a number of goods from exchange rate export duties. The decision will affect some high-tech products, as well as goods dependent on the import of key components. The secretariat of First Deputy Prime Minister Andrei Belousov confirmed the information “Vedomosti”.

The exceptions will come into force in the second half of January 2024. Duties will not be imposed on medicines and pharmaceutical substances, chemical products, and metal household products. The decision will also affect some industrial tools, including drilling and pressing tools, as well as marshmallows, marshmallows, soy protein and a number of other products.

The list was compiled following consultations with businesses, and was agreed upon by the Ministry of Economy, the Ministry of Industry and Trade and the Ministry of Agriculture. The Ministry of Economy will have to prepare a government resolution. Director of the department for development and regulation of foreign economic activity of the ministry, Liliya Shchur-Trukhanovich, said that the goal is to “maintain the attractiveness of export supplies and maintain an acceptable level of profitability of companies.” “The dialogue with Russian exporters on this topic will continue,” she added.

Flexible export duties on a wide range of goods linked to the ruble exchange rate have been in effect in the Russian Federation since October 1. They concern, among other things, alcohol, tobacco, fish and dairy products, sugar, confectionery, cocoa, mining products, ferrous and non-ferrous metallurgy, precious metals, coal and fertilizers. The duty is 4% for exchange rates of more than 80 rubles. and less than 85 rub. per dollar, 4.5% – at an exchange rate of 85–90 rubles. per dollar, 5.5% – from more than 90 to less than 95 rubles. per dollar, and 7% – at an exchange rate of over 95 rubles. inclusive.

According to Kommersant, the Ministry of Industry and Trade offered cancel the exchange rate export duty for the pulp and paper industry. Kommersant’s sources also reportedthat Rusal asked to cancel the exchange rate export duty for its newest plants – Taishetsky and Boguchansky, which account for approximately 10% of output. By data RBC studied the removal from the measure of goods for personal use, consignments of goods less than €200 and some goods in duty free stores.

How much was collected from exchange fees in October – in the Kommersant material “Linking to the course turned out to be inexpensive”.

Leonid Uvarchev