Русский
Russia’s exchange rate-linked export duty will decrease to 4.5% from July 1 from 5.5%, the Economic Development Ministry has stated. The decrease will impact a wide range of goods including ferrous, nonferrous and precious metals, coal (the export duty on coal was temporarily lifted from May 1 to August 31) and fertilizers.
Russia approved a resolution last September to link export duty to the Ruble’s exchange rate against the U.S. dollar from October 1, 2023 until the end of 2024. That is calculated is 4% at an exchange rate of 80-85 Rubles to the dollar, 4.5% at a rate of 85-90 Rubles, 5.5% at 90-95 Rubles, and 7% when the exchange rates is over 95 rubles to the dollar.
The Economic Development Ministry calculates the export duty based on the arithmetic average exchange rate over each month period, from the 26th to the 25th of the next month.
The exchange rate-linked duty is supposed to be scrapped from January 1st 2025, when the profit tax will be raised by 5 percentage points as part of a package of tax changes that the government has submitted to the State Duma.
The July decrease will benefit Russian exporters and their international clients.
