The Ministry of Finance returned to the idea of a reverse excise tax on rubber
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The Ministry of Finance is counting on the adoption in 2023 of amendments to the Tax Code, which involve the introduction of a reverse excise tax on synthetic rubber. This is stated in the report of the ministry, which was reviewed by Vedomosti.
The ministry indicates that it is planned to provide for “a special procedure for imposing excise duty on synthetic rubber produced.” The excise parameters will depend on the exchange prices for natural rubber in the Singapore market and for butane and butadiene (raw materials for rubber production) in the Rotterdam market. In the event of unfavorable prices for producers, a reverse excise tax will be applied, reimbursed to companies from the federal budget. The goal of the initiative is “strategic development of the petrochemical industry.”
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