The Russian agriculture ministry has revealed details of its new floating tax for agriculture exports that will cover the upcoming week of June 2-8, according to an official note published on Friday, confirming that wheat duties are set to fall but corn and barley duties will rise sharply.
The wheat tax was put at $28.10/mt and is due to come into force from June 2, with the figure marking a substantial $32.59/mt decline compared to the current taxation arrangement.
The duty is calculated from a formula, whereby exporters will have to stump up 70% of the difference between a floor price and a floating index price calculated by a panel of industry experts and published by the Moscow Exchange (MOEX).
For wheat, the 7-day average index according to MOEX values is $240.20/mt.
The tax for barley has increased from $12.14/mt to $39.60/mt, based on an average index price over the last seven days of $241.70/mt.
Corn export duties jumped to $52.20/mt from the current $30.35/mt, according to an index set at $259.70/mt.
Taxes are to be updated at the end of each week and will come into force on the third working day after each publication.
