MOSCOW (Reuters) — Russia’s Agriculture Ministry has proposed introducing a new grain export duty pegged to the export price from July 1, business daily Vedomosti reported on Thursday.
The ministry said on Wednesday it had proposed lifting a duty levied on wheat exports from May 15 and for the government to set a new tax formula from July 1, without elaborating.
Vedomosti reported the ministry had proposed that exporters should pay $1 per tonne as a symbolic duty as long as the price does not exceed US$237.25 per tonne and offers several ways of calculating the duty when the price is higher.
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It may be set either at 30 percent of the export price minus $69 or at 40 percent of the export price minus $93, the paper said, quoting two ministry officials and a grain market source.
The ministry confirmed the report but emphasized that the scenarios were just two of several proposals which had yet to be agreed upon by other government agencies.
The new formula will most likely apply to wheat exports, Vedomosti said, replacing the duty imposed on Feb. 1 to try to cool domestic food inflation as the rouble tumbled.
