The Ministry of Finance can collect 50 billion rubles in October from export duties
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The Ministry of Finance plans to collect at least 50 billion rubles in a month. on the export duty, which will take effect on October 1. This was announced by the President of the Russian Union of Entrepreneurs and Industrialists Alexander Shokhin.
“We can only rely on estimates from the Ministry of Finance [ориентироваться]he wanted, in my opinion, to collect at least 50 billion,” said Shokhin (quote via Interfax).
The head of the Union of Entrepreneurs and Industrialists added that the amount of duty payments may vary and reach “several hundred” billion rubles. This is due to fluctuations in the dollar exchange rate, since the duty is calculated using a formula tied to the value of the American currency.
The government announced the introduction of flexible export duties linked to the exchange rate on September 21. The new measure will be in effect from October 1, 2023 until the end of 2024.
The amount of payments will be 4% of the customs value of the goods at an average rate of 80 to 85 rubles/$, 4.5% – at a rate of 85-90 rubles/$, 5.5% – at a rate of 90-95 rubles/$ $. The maximum rate will be 7%. It will be used for exporters at an exchange rate of more than 95 rubles/$. For fertilizers, the duty will be up to 10% depending on the exchange rate.
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