3 May 2024 13:36

Russian govt removes gold from 'exchange rate' duty

MOSCOW. May 3 (Interfax) - The Russian government has removed gold from the so-called "exchange rate" export duty, and the corresponding resolution was signed on April 25.

The resolution came into force on the date of official publication. The duty on gold concentrate remains in force.

The government has canceled the duty amid the law on the additional ratio to the mineral extraction tax (MET) on gold entering into force, namely a "bump" of 78,000 rubles per 1 kg of mined gold, which allows a guaranteed collection of 15 billion rubles to the budget regardless of the volume of gold exports.

The government had planned to cancel the duty as of June 1 simultaneously with implementing the "bump", Deputy Finance Minister Alexei Moiseyev told reporters at the end of April. The maneuver should reduce the economic motivation of unscrupulous exporters who export gold as individuals, thus bypassing the duty, he said.