December 8 2004, 13:54 APK-Inform

Russia increases import duty for packaged palm oil and its fractions

According to press-service of Russian government, the Head of Government Mikhail Fradkov on December 6 signed a resolution "About Amendments into Customs Code of Russian Federation Regarding Palm Oil".

According to this resolution, a series of changes are made regarding the sub-item of Russia's Foreign Trade Commodity List item 1511 - "palm oil, its fractions crude and refined, but without modifications of chemical composition" - and new rates of import customs duty are established for the products within this sub-item for the term of 9 months.

The rate of import customs duty for palm oil and its fractions, packaged in crates, vats, canisters and cans with the net weight of up to 200 kilos, is set in the amount of 15 percent of customs value, but no less than 0.12 euro per kilo; for otherwise delivered palm oil - 5 percent of customs value.

Currently the rate of customs duty for palm oil is 5 percent of customs value in all cases.

The resolution will take effect in a month after its official publication.