GV Plekhanov Konstantin Ordov, Head of the Department of Financial Markets at the Russian University of Economics (REU), said that in the near future the ruble exchange rate will depend on the position of exporters considering new customs duties.
As the economist pointed out on the radio station “Moscow speaks”The government is trying to stimulate the return of foreign exchange earnings to Russia, but the companies themselves do not yet understand which option is more profitable for them – to pay increased export taxes or to do what they want? According to Ordov, this approach has become new both for the authorities and for business and tax services.
According to experts, if the plan to stabilize the ruble exchange rate does not work, exporters will be forced to sell their foreign exchange earnings.
In Russia from October 1 started to take action Flexible export taxes depending on the ruble exchange rate. They have been introduced for a wide range of products, from metals to fertilizers and food crops.
Customs duties for most goods will be 4-7%, provided that the dollar exchange rate is below 80 rubles. The duty ratio for fertilizers is between 7% and 10%. Flexible taxes will soften the impact of exchange rate fluctuations on the trade balance and expand the supply of goods in the domestic market. According to estimates, the introduction of taxes will add 151 billion rubles to the Russian budget by the end of 2022, and more than 600 billion rubles in 2023.
Dollar exchange rate on the Moscow Stock Exchange on October 2 exceeded 99 rubles for the first time since August 15.
Previously recognizedHow will the weakening of the ruble affect the state of the economy?
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.