Russia New Copper, Nickel Export Tax Seen In Force In Dec

MOSCOW, Sep. 13 -- Russia's new copper and nickel export taxes can come into force in December this year, Deputy Economic Development Minister Andrey Slepnyov said Friday, as quoted by the ministry's press service.

Slepnyov said a government commission would consider the imposition of new export taxes Sept. 23 and by that time the Ministry of Economic Development and the Industry and Trade Ministry expected to agree on a joint proposal.

He added that the issue had been agreed in principle and details were being sorted out at this time.

After the government commission's decision on the issue, about two months will be needed to sort out all the administrative issues, Slepnyov said.

The economic development ministry is proposing to keep the existing zero copper export duty when the metal's price does not exceed $3,000 per ton and to introduce a 5% export duty for prices between $3,000 and $5,000 per ton. If price exceeds $5,000 per ton, the proposal is to charge $187.5 plus 15%.

Nickel export duty is proposed at zero when price is up to $12,000 per ton and 5% for prices between $12,000 and $15,000 per ton. For prices between $15,000 and $20,000 the export duty is proposed at $750 plus 15%, and for prices above $20,000 per ton at $1,500 plus 30%.