Since July 1, the Resolution of the Government of Russia #513 dd. May 28, 2015, has come into effect, which imposed a new mechanism for calculating of the export duties on wheat.
As of July 1, 2015, the rate of export duties on wheat totals 50 percent of export value minus 5`500 rubles per 1 metric tonne (MT), but not less than 50 rubles per 1 MT, informed the document.
According to the Government, in addition to the fiscal function, the reporting export duties will have a regulating effect, depending on any possible changes of the world prices. So, if the grain prices vary within the range of 11`000-13`000 RUR/t, the export duties will bear a fiscal character only. If the price exceeds 13`000 RUR/t, the rate will have a regulating effect.
