Members of working group of government commission for protective measures in foreign trade and customs and tariff policy voted for abolishment of 6,5 % export duty to silver.
Members of working group of government commission for protective measures in foreign trade and customs and tariff policy voted for abolishment of 6,5 % export duty to silver. According to the information given by chairman of the Russian Federation Gold Producers Union Valery Brayko, the commission made a decision to recommend abolishment of export duty to silver to the government in October 2002.
As it was mentioned earlier, in March State Duma of the Russian Federation adopted an appeal to the chairman of the government Mikhail Kasyanov concerning the abolishment of export customs duty to silver and argentiferous concentrates. In the resolution of the State Duma attention is drawn to decrease in the volume of produced silver by 2,5 times within last decade. Thus, introduction of 6,5% export customs duty to precious metals (including refined silver in bullions) since December 9, 1999, also contributed to reduction of silver export volumes.
The resolution emphasises that "establishment of export customs duty to silver compels Russian producers and banks to sell silver mainly to countries - members of Customs Union with which contracts on duty-free trade are effective." According to Gold Producers Union information, in 2001 Russia exported about 462 tons of silver and only 61 ton was exported with payment of export duty whereas the rest was taken out under "grey" circuits.
source: "interfax", 8.07.2002