Russia may abolish customs duty for small business

10th April 2015

Russia may abolish customs duty for export of goods with the cost of no more than 200 euros for a single transport document.

First Deputy Prime Minister Igor Shuvalov instructed the Ministry of Finance of the Russian Federation, the Ministry of Economic Development of the Russian Federation and the Federal Customs Service of the Russian Federation to introduce the corresponding amendments to the Government of the Russian Federation.

“These changes should simplify customs operations for small and medium business and make export of cheap goods produced in Russia economically attractive”, -said the representative of Igor Shuvalov.

Leonid Shlyapnikov, assistant professor of logistics infrastructure of the Higher School of Economics, said that the abolition of fees and simplification of procedures is a rational decision and must be implemented quickly: “Because of the devaluation of the ruble it became more profitable for foreigners to buy in Russia. Earlier this year we saw queues in shops and checkpoints of international airport terminals, consisting of citizens of the European Union and third countries, which have bought many goods in Russian stores. Many products have become cheaper for them by 30-60%. Retail stores ran out of goods purchased for prices of 2014 and the participants of the offline-commerce have proportionally raised procurement prices for 2015. Under these conditions, online shops with traditionally low retail margin became competitive for products that foreigners can buy in Russia”.

According to the expert, we mainly import consumer goods.Therefore,both goods produced inRussia and secondary “re-export” market of imported goods continue to be interesting on a wide range items due to the cheap ruble. Such groups include cheap household items, accessories and automotive components, consumer goods, furniture, cultural values that do not fall under the restrictions and such specific goods as auction items and biomaterials.

“Abolition of customs duty on exports will have a multiplier effect moderate in strength, but extensive in terms of coverage on the number of light industries, retail distance selling” - says Timur Nigmatullin, financial analyst of “Finam” investment holding.

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