November 20, 2008

Russian government considers speeding up VAT refunds to grain exporters


The Russian government is considering shortening the period for value-added tax (VAT) refunds to grain exporters to one month.


First Deputy Prime Minister Viktor Zubkov said that at a meeting on measures to encourage grain exports. The current period is 3 months and in some cases it may stretch to 180 days.


The Russian government is considering various other measures to help grain exporters, who are facing difficulties because a strong global grain harvest and the financial crisis have led to a drop in global prices for grain by more than a third, Zubkov said.


Analysts and importers forecast a further fall of grain prices, he added.

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