Russia plans to reduce export tax on soybeans from July 1
Russia plans to reduce its export tax on soybeans to 20% with a minimum level of $100 per tonne, starting from July 1, the economy ministry said in a statement on Friday.
The tax is now 30%, with a minimum 165 euros ($200) per tonne.
Russia is a relatively small producer of soybeans compared to global leaders, but the industry and its exports to China are important for economy of its far eastern regions.
“In developing the decision, we took into account the concerns raised by soybean producers in Russia’s far east,” the ministry said.
The new tax will be in place until September 2022 and “will make it possible for producers in the far east to export soybeans, at least in the amount that is not in demand in Russia,” it said.
Source: Reuters (Reporting by Darya Korsunskaya; Writing by Polina Devitt; Editing by Edmund Blair)