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News Release from: RCCnews
Edited by the Processingtalk Editorial
Team on 17 November 2005
RF removes import duty on manufacturing
equipment
Yesterday, the Russian Federation joint committee for protection measures in foreign trade made a decision to remove all the entrance duties on imported manufacturing equipment
The Russian Federation government plans to remove import duties on imported manufacturing equipment Yesterday, the RF joint committee for protection measures in foreign trade made a decision to remove all the entrance duties on imported manufacturing equipment that is not produced in Russia
This article was originally published on Processingtalk on 30 Nov 2004 at 8.00am (UK)
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The decision to abolish the duties is to be effective from February 1, 2006, when the Government decree is issued.
But the decision will be valid for 9 months only.
After that, the issue will be reviewed again.
635 out of 1000 commodity items are exempted from import duties.
The decision on the entire "duties list" will be made at the end of the year.
Thousands of Russian companies across various sectors that purchase state-of-the-art foreign equipment to upgrade their facilities will be able to save additional payments and increase their competitiveness in domestic and international markets.
In money terms, the alleviation of taxes means about $500 mln of savings for Russian companies.
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