Russia May Abolish Gold Export Duty From June 1

(MENAFN- AzerNews) The export duty on gold may be canceled from June 1 of this yearconcurrently with the law becoming effective that introduces anextra coefficient to the mineral extraction tax for gold totaling78,000 rubles ($848.8) per kilogram, Deputy Finance Minister ofRussia Alexey Moiseev told reporters, Azernews reports, citing TASS.

"The plan is, firstly, from the standpoint of a 'mini maneuver,'to implement all that since June 1," the official said.

The ministry arrived at a conclusion that in order to forceunfair exporters to pay the duty, there must be taken "draconianmeasures that would affect the sector at large," Moiseev noted.

Russian President Vladimir Putin signed earlier the law toincrease the mineral extraction tax for gold by 78,000 rubles perkilogram from June 1 to December 31, 2024.

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