The duty on export of sunflower oil and sunflower meal from Russia can be extended for another year until August 31, 2023. This follows from the draft of the relevant government decree, Interfax reports citing market sources.
The project provides for the change to the calculation of export duties on these products as well as on wheat, barley and corn into rubles.
“The base price for calculating duties for sunflower oil may be 82500 RUR/t, for meal - 13875 RUR/t. The base price for calculating the export duty for wheat may be 15000 RUR/t, for barley and corn – 13875 RUR/t”, – it says.
For conversion into rubles, the formula for calculating duties includes such an indicator as “the arithmetic average of the US dollar against the Russian ruble determined by the Central Bank of Russia for 5 working days preceding the date of calculating the export duty.
Currently, the duty on sunflower oil is 70% of the difference between the base price (1000 USD/t) and the indicative price (arithmetic average of monthly market prices) reduced by the value of the adjustment factor (50 USD/t).