Russia mulls formula-based wheat export tax

Russia is considering bumping up the timeline to implement a formula-based tax on wheat exports, Reuters reported citing government sources.

The country originally planned to begin the new tax in July but is now deliberating applying it June 1.

Russia is working to limit increasing domestic food prices with the proposed wheat export tax.

The formula may be set at 70% of the difference between the price of wheat per tonne and $200, Reuters reported, adding officials are still discussing what to set as the price for the formula.

World Grain

Tags: Russia, export, taxation, wheat