Payment of additional customs duties for export will depend on exchange rate, Finance Ministry looking to collect at least 50 bln rubles in October - Shokhin

CHELYABINSK. Sept 22 (Interfax) - The export duty payment amounts tied to the dollar exchange rate, introduced by the Russian government starting October 1, 2023, will depend directly on the exchange rate; in October, business will be guided by the Russian Finance Ministry's estimate of at least 50 billion rubles in expected fees, President of the Russian Union of Entrepreneurs and Industrialists (RSPP) Alexander Shokhin told reporters on Friday.

"We can only rely on estimates from the Ministry of Finance; in my opinion, it wants to collect at least 50 billion," he said, answering a question about the possible size of the October payment.

Since the duty is calculated using a formula tied to the dollar exchange rate, the size of the payment can vary, and could amount to "several hundred" billion rubles, Shokhin said.

The day before, the Russian government approved a resolution according to which, as of October 1, 2023 through the end of 2024, an export duty will be introduced on a wide range of goods (exceptions include oil, gas, grain, timber, and a number of industrial goods) totalling 4-7% with a dollar exchange rate 80 rubles and above. At an exchange rate of 80-85 rubles per US dollar, the rate will be 4%; at 85-90 rubles, 4.5%; at 90-95 rubles, 5.5%; at 95 rubles and up, 7%. For fertilizers, which already have an ad valorem export duty of 7%, the rate will increase to 10% at an exchange rate above 80 rubles/$1.