MOSCOW, Russia (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 May 7.
The ministry said 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.
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 that had yet to be agreed upon by other government agencies.
Vedomosti said the new formula will most likely apply to wheat exports, replacing the duty imposed Feb. 1 to try to cool domestic food inflation as the ruble tumbled.
