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Russia's First Vice Premier Viktor Zubkov
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Nov. 10, 2008
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Foreign Car Owners to Have Higher Self-Rating
The automobile industry has become the first industry in Russia to be rescued under the bailout plan for the countrys economy. The governments commission hiked duties on new foreign car import from 25 percent to 30 percent and shortened from seven to five years in-service time of used cars to be subjected to blocking-off duties. Thanks to the governments initiative, the buyers will back up local car makers through the surge in foreign car prices of 7.5 percent to 8 percent in 2009.
Chaired by First Vice Premier Viktor Zubkov, the governments commission for protective actions in foreign trade and customs and tariff policy hiked on Friday the duties on foreign car import. The changes mostly relate to new cars and to the cars made not earlier than three years ago. For them, the customs duty went up by 5 percent, from 25 percent to 30 percent, and the euro-component (1-2.35 per a cu cm of engine volume) gained 5 percent as well.

The age-limit for cars, trucks and busses on which expiration the vehicles are subjected to blocking-off duties was shortened from seven to five years. According to the Industry and Trade Ministry, higher duties are aimed at bolstering up local carmakers and assembly of foreign cars in Russia.

Although the increase in duties is presented as support for foreign car assemblers, it is clear that it will mostly play into the hands of local AvtoVAZ, GAZ Group, Sollers and KamAZ, commented Igor Krolivts, who is the board member at Avtomir Dealer Holding.

The next effort of the government to rescue local automobile industry will be subsidizing interest rates of the loans raised by carmakers to upgrade facilities and supporting the lease schemes of car sales.
www.kommersant.com

All the Article in Russian as of Nov. 10, 2008

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