Russia's Deputy Prime Minister Arkady Dvorkovich, contractor for the Agriculture Department, supports the proposal of the Minister of agriculture to reduce the wheat export tax to 0%. The proposal, should it be implemented, would lead tonne or $0.15 exporters to savings of at least 10 rubles, which corresponds to the minimum levels of taxation.
The spokeswoman by Dvorkovich, Aliya Samigullina, told Reuters said that the proposal in a meeting will discuss and decided later by the Prime Minister Dimitry Medvedev.
Dvorkovich receives in the support by economy Minister Alexei Ulyukayev, who already last week brought a possible tax cut in conversation.
The proposal involves the reduction of wheat export tax at 0% until July 2018.
Because the tax is currently very low, she fall in the grain trade in the weight. The current formula for calculating the wheat export tax is as follows:
50% of the export price minus 6,500 rubles, but at least 10 rubles per tonne.
