The Ministry of Finance does not see risks for companies due to flexible export duties
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The Russian Ministry of Finance does not see any risks for investment programs and the operating profitability of companies covered by the flexible export duty, said Deputy Head of the Ministry Alexey Sazanov. Flexible export duties ranging from 0% to 7% depending on the dollar exchange rate will begin to act from October 1 until the end of 2024.
Answering the question about whether there are risks for companies and investments due to increased export duties, Mr. Sazanov noted that everything will depend on the exchange rate. “The reference rate at the beginning was 76 rubles. for this year, and now the rate is 97 rubles. That is, all exporters have a significant increase in ruble revenue solely due to the fact that the exchange rate is higher than expected. Naturally, when everyone was making business plans, no one set the course to 95. Therefore, there is no need to talk about a deterioration in operating profitability or a decrease in investments in these conditions: we are only withdrawing part of the exchange rate revaluation that arose at the moment,” he explained (quoted from RIA Novosti).
Flexible export duties are introduced on live animals, fish, dairy products, vegetables, fruits, precious metals, precious stones, pearls, ferrous and non-ferrous metals and some other goods. The duty amount will vary from 0% to 7% depending on the dollar exchange rate. According to government decree, at 80 rubles. for a dollar and below the duty will be zero. The highest duty of 7% will be applied when the dollar exchange rate is above 95 rubles.
“If the exchange rate strengthens below 80, the duty will be reset to zero on purpose, so that some unexpected things do not happen and so that increased duties do not interfere with the business plans that were made at the beginning of this year,” added Alexey Sazanov.
On September 21, Kommersant reported that goods with a high import component and highly processed products that require several stages of processing of raw materials may be exempt from export duties.
Read more about flexible duties in Kommersant’s materials. “We’ll eat it ourselves” And “Unremovable conditions”.
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