Russia evaluated the consequences of new taxes based on the ruble exchange rate 11:00

The introduction of flexible export taxes tied to the ruble exchange rate is a very important measure that will bring additional revenue to the Russian budget. This is the opinion in an interview with the Izvestia newspaper. expressed Maxim Chirkov, Associate Professor of the Department of Economic Policy and Economic Measurements at the State Business University.

“Many companies in Russia are actually making excessive profits from the undervalued exchange rate of the Russian ruble. In 2022, the situation was bad for them, but now for many exporting companies, of course, the exchange rate of the Russian ruble creates a certain additional income,” explained the economist.

He therefore concluded that the introduction of duties was the right decision. According to Chirkov, the innovation will also help stabilize the domestic market. He announced that there has been a significant increase in the prices of some commodity items in recent weeks.

“These assignments are flexible. Firstly, because they automatically reset when the Russian ruble strengthens against the dollar. But on the other hand, they are flexible because the sectors in which they operate and in which these tasks are implemented have been selected very carefully and precisely,” the economist concluded.

Government of the Russian Federation accepted Decision to introduce new tasks on September 21. As stated on the website, the measure will come into force on October 1. The tax will vary between 4% and 7% depending on the ruble exchange rate. At and below 80 rubles per dollar there will be zero. The tax for fertilizers will be up to 10%, depending on the national exchange rate. Some goods are exempt from taxes, including oil and petroleum products, natural gas and liquefied natural gas, and grain products.

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