Devaluation of the ruble: Russian exporters will pay for the collapse of the course - Roszmi

Exporters will have to pay duties in the fall of the Russian currency. The more the ruble falls, the higher the tax rate will be. In order to close a huge hole in the state budget formed, in particular, military expenditures, the Russian Government has been imposing duties on export of goods that depend on the ruble. At the same time the weaker the ruble - the more the federal budget will receive.

About it writes the edition of Moscow Times with reference to the resolution of the Russian government of September 21. The "devaluation tax" will be charged at the dollar above 80 rubles. The duty has differentiated rates: the new tax burden will affect a wide range of goods: the exception is made for goods that already operate other export duties, such as oil, gas, grain. Tax innovations will not yet relate to cars, meat, books, clothing and shoes.

The Russian authorities explained its decision "protection of the domestic market", but according to insider information that was in Russia, a new tax was initiated by the Ministry of Finance, which needs to "find" 500-700 billion rubles somewhere to balance the budget. In the first 8 months of 2023, a deficit was formed in the Russian treasury of 2. 36 trillion rubles, and a record 5-trillion military budget was spent in July and decided to increase it to 9. 7 trillion.

The new tax will affect about a third of all Russian exports. The publication notes that on the Moscow exchange on Thursday the dollar cost 95. 91 rubles, which means that "the tax on the collapse of the ruble" will be charged at the maximum rate. Since the beginning of the year, the dollar has increased by 33%in the Russian Federation and the euro by 36%. Economists predict a further fall in the ruble. In the second quarter of 2024, for one US dollar, the Russians may have to pay up to 110 rubles.