Volga Baikal AGRO NEWS Update on the Soybean Export Duty !!!

The Ministry of Agriculture proposes to make the duty on soybean exports permanent

Volga Baikal AGRO NEWS Update on the Soybean Export Duty !!!

The Ministry of Agriculture proposes to make the duty on soybean exports permanent

The ministry also proposes to extend the export duty on rapeseed for a year.

MOSCOW, 3 August. /TASS/. The Ministry of Agriculture of the Russian Federation proposes to make the duty on the export of soybeans permanent, on the export of rapeseed – to extend for a year. The corresponding draft resolution of the Cabinet of Ministers, prepared by the ministry, was published on the official website for posting on the preparation of regulatory legal acts.

“The Ministry of Agriculture of Russia has prepared a draft resolution of the government of the Russian Federation “On introducing changes to the rates of export customs duties on goods exported from the Russian Federation outside the customs territory of the Eurasian Economic Union.” The document provides for the establishment of export customs duty rates for soybeans on a permanent basis and the extension of the current export customs duty rates for rapeseed for one year,” the explanatory note to the document says. The project was prepared in order to ensure the loading of domestic enterprises processing oilseeds with raw materials in order to maintain the food security of the domestic market, the explanatory note notes.

As stated in the document, the adoption of the resolution of the Russian government will not entail additional costs of the federal budget, the budgets of the constituent entities of the Russian Federation and local budgets, and will not affect the achievement of the goals of state programs of the Russian Federation. In addition, the decisions of the draft resolution proposed for implementation will not entail negative socio-economic and other consequences, including for subjects of entrepreneurial and other economic activities.

As previously reported, from July 1, 2021 to August 31, 2022, the duty rate for exporting soybeans outside the EAEU is 20% of the customs value of products, but not less than $100 per ton. Export duties on sunflower and rapeseed during this period amount to 50% of the cost, but not less than $320 per ton.

Source: TASS.ru

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