The Subcommittee on Tariffs approved the introduction of an indefinite zero import duty on scrap precious metals

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AK&M 12 October 2021 16:57

The Subcommittee on Customs Tariff and Non-Tariff Regulation approved the introduction of an indefinite zero import duty on scrap precious metals. Now the benefit is valid until December 31, 2022. This is stated in the message of the Ministry of Economic Development.

The decision is made in response to the appeals of Russian enterprises. It will reduce the cost of importing foreign secondary raw materials, fill production facilities and effectively compete with foreign companies, the report emphasizes.

The application of reduced import duty rates since 2015 has allowed Russian refining companies to attract more than 444 tons of secondary raw materials containing more than 3.7 tons of chemically pure metals with a total value of over 15 billion rubles, the MAYOR reports.

In addition, it is planned to permanently reset the import duty on copper cake (an intermediate product of metallurgical processing, which can be processed to copper or precious metals). Currently, this product is subject to a duty of 5%. The expected additional income from income tax is about 400 million rubles per year.

The relevant initiatives will be sent to the Eurasian Economic Commission for consideration.