Russia lowers wheat export tax to zero


Proposal of Russian AgMin on zero wheat export tax was backed on Tuesday at the meeting with Deputy PM Arcady Dvorkovich, according to Interfax.

As informed President of Russian grain union A. Zlochevsky, despite the fact that total cancellation was also discussed, decision was made in favor of zero level. Zlochevsky noted that this decision will be in effect since September, 1 2016 to July,1 2018.

The need to lower export tax was discussed in connection with record grain harvest this year.

Early in July, addressing Dvorkovich Russian grain union wrote on the excessive stocks of grain on the domestic market can reach 38-40 MMT.

Export tax was introduced starting from July, 1 2015 and its tariff changed several times. Currently the tariff is calculated from the 50% of the value minus RUB 6500, but no lesser than RB 10 per MT.



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