• Delicious




Abolish 5% Export Tax Russsia's Gold Producers Tell Government

by Tatiana Smolensky, Tax-News.com, Moscow

02 October 2001

Officials from the Gold Prospectors Union and the Gold Producers Union told a parliamentary hearing last week that the current 5 per cent export tax on gold is damaging the country's gold enterprises with many only managing to break even.

The unions have called upon the government to scrap the tax and it is expected that the government may agree to their request under the current tax reform programme which is geared to lighten the tax load on the country's industrial manufacturers and producers.

The Unions' representatives said the export tax is part of the price that the Central Bank of Russia pays for the gold and it is becomingly increasingly burdensome as world gold prices decline - the average price fell from US$278.5 per troy ounce in 1999 to $266 this year.

.

 

 






Write a comment