Russia Accelerates Plans For Formula-Based Tax on Wheat Exports

MOSCOW — Russia is accelerating plans to switch to a formula-based tax on wheat exports on June 2, the economy minister said on Thursday in a Reuters report.

Moscow is attempting to curb food inflation during the COVID-19 pandemic.

The switch to a formula, which will now take place a month earlier than previously planned, will mean the tax will automatically rise in response to any increase in prices.

Starting on Feb. 15, Russia will impose a series of fixed tariffs on exports that will be in place until the flexible formula is implemented.

The moves to combat domestic food inflation in Russia come alongside measures taken by some other governments, as global prices rise.

To read the full Reuters article, click here.

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