Agri Business

Russia mulls excise tax on palm oil

Reuters Moscow | Updated on January 19, 2018 Published on February 05, 2016

The Russian government is considering imposing an excise tax on palm oil and a number of other products, Economy Minister Alexei Ulyukayev said on Friday. “On the instructions of the prime minister we are considering this possibility. There are obvious things such as an excise tax on palm oil, there are less obvious things. This question is being studied now,” Ulyukayev told reporters.

The Business daily Vedomosti reported on Friday the government was considering imposing an excise tax on palm oil and soda drinks to help balance its budget and reduce the consumption of products it considers unhealthy.

According to Vedomosti, the tax on palm oil may be introduced on July 1 and amount to around $200 per tonne. The final list of products that may become subject to payment of excise taxes may also include potato crisps or snacks, electronic cigarettes and food products that are high in fat and sugar, the paper said.

Published on February 05, 2016
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