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.