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Economic Development Ministry to Speed Up Duties Count
Russia’s Economic Development Ministry intends to submit to the government this week a draft ruling that will speed up promulgation of new export duties on crude oil and petroleum. According to Federal Tax Service, the oil firms sometimes save up to $200 million on loophole in the Customs Code.
Economic Development Ministry has elaborated and submitted to Justice Ministry the draft ruling that shifts the promulgation date for new export duties on crude oil and petroleum from the 20th to 15th day of the month preceding the actual introduction. The purpose to attain is to close the hole in the laws enabling certain exporters to save on the export duties.
The government revises the duties on crude oil/petroleum exports every two months depending on the world prices. New rates are promulgated ten days prior to their introduction, i.e. on the 20th day of respective month. But the Customs Code allows to submit the customs entry 15 days prior to the actual delivery, paying the duty calculated on the day of declaration.
Well-aware of forthcoming surge in the customs duties, the firms benefit from the gap to pay duties at previous rates.
Starting from October 1, 2007, for instance, the crude oil duty will go up from $223.9/ton to the record $250.3/ton, the duty on light-oil product will increase from $163.2/ton to $181/ton, and the duty on dark product will surge from $87.9/ton to $97.5/ton. The duties are to be promulgated by September 20, but exporters may file entries starting from September 15. So, the proposal of ministry is to shift promulgation by five days to close the trap-door.
www.kommersant.com
All the Article in Russian as of Sep. 10, 2007
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