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- Russian Generalized Preferential System

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Foreign exchange policy and the exchange rate performance

The foreign exchange rate policy is pursued in accordance with “Basic directions of general state monetary and credit policy for 2010 and for the period of 2011-2012” passed in November 2009. In early 2010 the RF monetary authorities made ruble exchange rate corridor floating and it reached RUR 33.7-36.7 per the USD/EUR basket in April 2010 due to the rise in world prices of Russian major export commodities. The mentioned basket consists of USD0.55 and EUR0.45.
 

In October 2010 ruble exchange floating corridor was RUR32.9-36.9 per the USD/EUR basket. If ruble exchange rate reaches a low or high limit of the corridor, the RF Central Bank is to interfere by buying or selling USD650 million compared to USD700 million before and is to move the low or high limit by 5 copecks down or up, accordingly. However the RF monetary authorities do not pursue a policy of completely free floating ruble exchange rate because of the political, economic and legal restrictions.
 

To neutralize excessive ruble amounts of commercial banks, the RF Ministry of Finance was holding auctions on sale of federal official bonds (OFZ). The total size of sales of federal securities by the RF Ministry of Finance amounted to RUR436.1  bn in Q1-Q3 2010 compared to RUR261.5 bn sold in Q1-Q3 2009, while the total size of repaying these securities from the federal budget reached RUR222.3 bn  in Q1-Q3 2010 against RUR155.1 bn in Q1-Q3 2009. The size of the RF Reserve Fund amounted to RUR1830.5 bn (USD60.5 bn) by January 1, 2010; that of the Fund of the National Prosperity – to RUR2769.0 bn (USD91.6 bn), accordingly. The size of the RF Reserve Fund amounted to RUR1258.3 bn (USD41.4 bn) by October 1, 2010, that of the Fund of the National Prosperity – to RUR2722.2 bn (USD89.5 bn), accordingly. By January 1, 2011 the size of the RF Reserve Fund amounted to RUR775.2 bn (USD25.4 bn); that of the Fund of the National Prosperity – to RUR2695.5 bn (USD88.4 bn). In 2010 the RF Reserve Fund is used for covering the RF federal budget deficit.
 

The Russian authorities are aware of the insufficiency of monetary instruments to curb inflation under conditions when they do not make considerable efforts to restrict appetites of the monopolies in the field of production and distribution of natural gas, electricity, thermal energy and other communal and railroad transport services as well as of oil products. That is why the consumer price index (CPI) was 106.2 in September 2010 as compared with December 2009; that is less than in September 2009 compared to December 2008 – 108.1. The consumer price growth is estimated at 106.4 in Q1-Q3 2010 against Q1-Q3 2009 (112.5 in Q1-Q3 2009 against Q1-Q3 2008).
 

The rise in real effective ruble exchange rate is 6.8% in September 2010 as against December 2009. Real ruble appreciation against USD is 2.0% in September 2009 as compared with December 2009, while real ruble appreciation against EUR is 14.5% in the same period.
 

There was ruble nominal devaluation in comparison with US dollar and nominal revaluation against euro in Q1-Q3 2010. During January-September 2010 the official RUR/USD exchange rate fixed by the RF Central Bank went down by 0.5% (or from RUR30.24 per USD as on December 31, 2009 to RUR30.40 per USD as on September 30, 2009). In Q1-Q3 2010 the official RUR/EUR exchange rate went up by 4.7% (or from RUR43.39 per EUR as on December 31, 2009 to RUR41.35 per EUR as on September 30, 2010).

In December 2010 the CPI reached 108.8 compared to December 2009. As on December 31, 2010 official RUR/USD exchange rate was 30.48, while the official RUR/EUR exchange rate reached 40.33.

Figure 1.
 

Figure15

 

Trade policy overview

General regulation

 

The Russian authorities passed Federal Law №285-ФЗof November 3, 2010 to make amendments in clause 165 of part 2 of the RF Tax Code and clause 45 of Federal Law №164-ФЗof December 8, 2003 “On principles of federal trade regulation”. The amendments relate to foreign barter operations.
 

According to the new wording of point 1.2 of clause 165 of the RF Tax Code, a taxpayer is to submit documents (or their copies), confirming import of goods or rendering of services in case of foreign barter operations, to the RF tax authorities. The documents confirming receipt of goods shall be also needed, if goods are received abroad in exchange for goods or services exported within a barter contract.
 

In accordance with the new wording of clause 165.2 of Federal Law #164-FZ, a Russian entity making a foreign barter contract is obliged to ensure import of goods or services equal to the amount of exported goods or services.

If goods to be got under a barter contract are received abroad, these goods shall be sold according to the terms of clause 165.5. This means the goods shall be sold within a year since the day of their actual receipt. The money received due to sale of the goods shall be transferred within the contract time limits to the RF banks.

The amendments have come into effect since January 1, 2011 (Federal Law №285-ФЗ, November 3, 2010).


1. Export regulation
 

Non-tariff measures

The rate of export customs duty on crude oil and raw oil products (2709, except 2709 00 900 2 and 2709 00 900 3) produced of bituminous rocks and exported from the RF territory outside the borders of the Customs Union member states was set at USD303.8 per a ton from December 1, 2010, USD317.5 per a ton from January 1, 2011,  USD346.6 per a ton from February 1, 2011 and USD365 per a ton from March 1, 2011 compared to USD290.6 per a ton from November 1, 2010.
 

Export customs duty rate on light crude oil lifted in East Siberia and Caspian sea (2709 00 900 2 and 2709 00 900 3) was set at USD108 per a ton since December 1, 2010, USD117.5 per a ton since January 1, 2011, USD137.6 per a ton since February 1, 2011 and USD150.4 since March 1, 2011 compared to USD98.8 per a ton from November 1, 2010.
 

The rate of export customs duty on the main light oil products (tariff heading numbers 2710 11 – 2710 19 490, 2711 12 – 2711 19 000 0, 2902 20 000 0 – 2902 43 000 0) was set at USD217 per a ton since December 1, 2010, USD226 per a ton since January 1, 2011, USD232.2 per a ton since February 1, 2011 and USD244.6 per a ton since March 1, 2011 compared to USD208.1 per a ton since November 1, 2010.
 

The rate on liquefied oil gases (2711 12 – 2711 19 000 0) was set at USD118.1 per a ton since December 1, 2010, USD149.3 per a ton since January 1, 2011, USD198.8 per a ton since February 1, 2011 and USD150.2 per a ton since March 1, 2011 compared to USD116.4 per a ton since November 1, 2010.
 

The rate on the dark oil products (tariff heading numbers 2710 19 510 0 – 2710 99 000 0, 2712, except 2712 90 110 0 and 2713, except 2713 12 000 0) was set at USD116.9 since December 1, 2010, USD121.9 per a ton since January 1, 2011, USD161.8 since February 1, 2011, USD170.4 per a ton since March 1, 2011 compared to USD112.1 per a ton since November 1, 2010 (Russian Government resolutions: №930, November 27, 2010; №1110, December 24, 2010;  №15, January 21, 2011;  №99, February 22, 2011).
 

The RF Government set export customs duty rate on nickel (7502 10 000 0) at 10% of customs value since December 19, 2010. Prior to it, the rate had been 5% of customs value (Russian Government resolution №892, November 12, 2010).
 

The Russian Government imposed export customs duty on copper cathodes (7403 11 000 0) at the rate 10% of customs value from December 18, 2010. Prior to it, the rate had been 0% of customs value (Russian Government resolution №893, November 12, 2010).
 

The RF Government made a decision to delay once again new higher rates of export customs duties on the certain kinds of round wood from January 1, 2011 until January 1, 2012. In particular, export customs duties on soft wood (4403 20 110 1, 4403 20 110 2, 4403 20 190 1, 4403 20 190 9, 4403 20 310 1, 4403 20 310 2, 4403 20 390 1, 4403 20 390 9, 4403 20 910 1, 4403 20 910 2, 4403 20 910 3, 4403 20 910 4, 4403 20 910 9, 4403 20 990 1, 4403 20 990 9, 4403 99 510 1, 4403 99 510 2, 4403 99 590 9) remain in 2011 г. at the rate 25% of customs value, but not less than  EUR15 per 1 cubic m. The duties on  poplar, eucalyptus and asp round wood (4403 99 100 0, 4403 99 300 0 и4403 99 950 2) remain in 2011 at the rate 10% of customs value, but not less than EUR 5 per 1 cubic m  (Russian Government resolution №1190, December 29, 2010).
 

Since February 25, 2011, the rate of export customs duty on frozen shrimps (0306 13 100 0) has become equal to zero. Prior to it, it had been 10% of customs value (Russian Government resolution №11, January 20, 2011).

 

2. Import regulation

Non-tariff measures
 

Russia’s total quotas on import of beef, pork and poultry meat for 2011 are distributed as follows: the tariff quota on import of fresh and cooled beef (0201) is 30000 t, including 29000 t – from the EU countries and 1000 t from the other countries; the tariff quota on import of frozen beef (0202) is 530000 t, including 60000 t – from the EU countries, 41700 t – from the USA, 428300 t – from the other countries; the tariff quota on import of pork (0203) is 472100 t, including  225000 t – from the EU countries, 57500 t – from the USA and 189600 t  – from the other countries. The tariff quota on import of pork trimming (0203 29 550 2 and 0203 29 900 2) at the size 27900 t is distributed among all countries as well as the quota on import of hens and turkeys (0207 14 100 1, 0207 14 200 1, 0207 14 600 1 and 0207 27 100 1) at the volume 350000 t (Russian Government resolution №1111, December 24, 2010).
 

Tariff and tax measures
 

The Customs Union Commission set import customs duty on non-vulcanized rubber mixtures (4005 99 000 0) at the rate 0% of customs value since December 22, 2010. Prior to it, the rate had been 5% of customs value (Customs Union Commission resolution №458, November 18, 2010).
 

The import customs duties on potatoes (070 1 10 000 0, 0701 90 100 0, 0701 90 500 0 and 0701 90 900 0), fresh cabbage (0704 90 100 1) and buckwheat  (1008 10 000 1 and 1008 10 000 9) are set at the rate 0% of customs value from

December 23, 2010 until June 1, 2011. Prior to it, the rate had been 5-15% of customs value (Customs Union Commission resolution №475, October 14, 2010).
 

The Customs Union Commission made a decision to set import customs duty rate on coking coal (270 1 12 100 0) at the size 0% of customs value since January 6, 2011. Prior to it, the rate on coking coal had been 5% of customs value (Customs Union Commission resolution №477, November 18, 2010).
 

Since January 8, 2011, the import customs duty on dump trucks (8704 10 102 2) has been set at the rate 15% of customs value. Prior to it, the rate had been 5% of customs value (Customs Union Commission resolution №479, October 14, 2010).
 

The import customs duty rate on heparin and its salts (3001 90 910 0) has been cut down from10% of customs value to 0% of customs value since January 8, 2011(Customs Union Commission resolution №480, November 18, 2010).
 

The Customs Union Commission raised import customs duty rates on the certain kinds of agricultural loading machines (8428 32 000 0 and 8428 39 900 0) from 0% of customs value to 5% of customs value since January 15, 2011 (Customs Union Commission resolution №507, October 14, 2010).
 

Since December 26, 2010 the anti-dumping duties have come into effect on import rolled flat corrosion resistant steel containing not less than 2.5% nickel.
 

(7219 11 000 0, 7219 21 100 9, 7219 22 100 9, 7219 23 000 9, 7219 24 000 9, 7219 32 100 9, 7219 33 100 9, 7219 34 100 9, 7219 35 100 0, 7219 90 800 9, 7220 11 000 9, 7220 12 000 0, 7220 20 210 0, 7220 20 410 0, 7220 20 810 0 and 7220 90 800 0) originated from China, Korea, Brazil and South Africa. In particular, the anti-dumping duty rates depending the producer are 29.9% and 39.1% of customs value on the flat steel from China, including Taiwan, Hong Kong and Macao; 4.8% and 62.8% - from Korea; 21.1% - from Brazil and 33.3% - from South Africa.
 

The rates of usual import customs duties on the rolled flat corrosion resistant steel are 5% of customs value (Russian Government resolution №929, November 23, 2010).
 

The RF Government made amendment in its resolution №758 of September 28, 2009 “On measures for protecting economic interests of Russian producers of stainless steel pipes”. The amendment passed by resolution №1030 of December 16, 2010 came into effect since January 27, 2011.
 

In particular, the special duty on import of corrosion steel pipes with external diameter not more than 426 mm  (7304 11 100 1, 7304 11 100 2, 7304 11 100 9, 7304 11 300 1, 7304 11 300 2, 7304 11 300 9, 7304 11 900 1, 7304 11 900 2, 7304 11 900 9, 7304 41 000 9, 7304 49 100 0, 7304 49 920 0, 7304 49 990 0, 7306 11 110 0, 7306 11 190 0, 7306 11 900 0, 7306 40 200 1, 7305 40 200 9 and 7306 40 800 9) is set at the rate 9.9% of customs value, but not less than USD1500 per a ton instead of 28.1% of customs value before. The usual import customs duty rates are 5-15% of customs value.
 

Resolution №758 of September 28, 2009 had come into effect from November 2, 2009 for the period of 3 years. The special duty does not relate to import of the pipes originated from Belarus and the developing countries, excluding Brazil and China, including Taiwan, Hong Kong and Macao (Russian Government resolution №1030, December 16, 2010).
 

Since February 17, 2011 mushrooms (0709 51 and 0709 59) and boiled feedstuffs for cats, dogs decorative fishes and birds (from 2309 90) are levied with VAT rate at 18%. Prior to it, the VAT rate had been 10% (Russian Government resolution №1043, December 17, 2010).
 

The new measures have been taken for protecting Russian producers of some types of steel pipes and tubes against products originated from Ukraine since March 9, 2011 for 5 years. The measures imply new anti-dumping duties instead of the former ones.

The anti-dumping duty on tubes (7304 24 100 1, 7304 24 100 2, 7304 24 100 3, 7304 24 100 4, 7304 24 100 9, 7304 24 100 9, 7304 24 900 1, 7304 24 900 9, 7304 29 100 1, 7304 29 100 2, 7304 29 100 3, 7304 29 100 4, 7304 29 900 1 and 7304 29 900 9) is set at the rate 18.9% of customs value compared to 11.4% before.
 

The anti-dumping duty on tubes (7304 24 100 1, 7304 24 100 2, 7304 24 100 9, 7304 29 100 1, 7304 29 100 2 and 7304 29 100 9) is set at the rate 19.9% of customs value instead of  18.1% before.
 

The anti-dumping duty on oil pipeline and gas pipeline pipes (from 7304, 7305 and 7306) produced by Interpipe co. is set at the rate 19.4% of customs value. The rate on the pipes produced by the other Ukrainian producers is 37.8% of customs value as compared with 8.9% before (Russian Government resolution №41, January 31, 2011).
 

The RF Government has taken a special protective measure concerning bolts, screw-nuts and washers since March 18, 2011 for 3 years. In particular, the special duty is set at the rate USD282.4 per a ton on ferrous metal bolts etc. (7318 15 810 0, 7318 15 890 0, 7318 15 900 9, 7318 16 910 9, 7318 16 990 0 and 7318 21 000 9).  The usual import customs duty rate on bolts, screw-nuts and washers is 15% of customs value.
 

The special duty shall not be applied to the wares originated from Belarus and the developing countries, except China, Taiwan, Hong Kong and Macao (Russian Government resolution №68, February 12, 2011).
 

Since February 17, 2011 the import customs duty on millet and buckwheat (1103 19 900 9 1104 29 180 0 and 1104 29 300 0) us set at the rate 0% of customs value. Prior to it, the rate had been 10% of customs value (Customs Union Commission resolution №544, November 18, 2010).
 

The temporary rates of import customs duties on the certain kinds of paper and cardboard   (4810 13 800 9 4810 19 900 0 4810 22 100 0 и4810 29 300 0) at the size of 5% of customs value has been extended since February 22, 2011 for 12 months.  Prior to May 22, 2010 the constant rates on these kinds of paper and cardboard had been 15% of customs value (Customs Union Commission resolution №542, January 28, 2011).
 

The Customs Union has extended import customs duties since February 24, 2011 for 2 years on high speed railroad wagons (8603 10 000 2, 8605 00 000 2 and 8605 00 000 3) at the rate 0% of customs value and on railroad wagons (8603 10 000 8 and 8605 00 000 8) at the rates 5% and 10% of customs value, accordingly. Prior to February 14, 2009, all types of self-propelled wagons (8603) had been levied with the rate at 5% of customs value; and all types of other wagons (8605) had been levied with the rate 10% of customs value (Customs Union Commission resolution №534, January 28, 2011).
 

Since March 24, 2011, the rate of import customs duty on other non-woven fabrics (5603 94 900 0) has increased from 5% of customs value up to 10% of customs value, but not less than EUR0.15 per 1 kg (Customs Union Commission resolution №546, January 28, 2011).

Foreign investment regulation

On taxation of Skolkovo residents
 

The RF authorities passed Federal Law #395-FZ  of  December 28, 2010   “On making amendments in part 2 of the RF Tax Code and the RF certain legal acts”.
 

In particular, the amendment was made in point 4 of clause 145.1 of the RF Tax Code to exempt the Skolkovo project resident from payment of VAT from the 1st day of the month following the month of getting the corresponding status by the resident. This relief is stipulated for entities having a status of the project participator for making R&D and promoting R&D results for business, in accordance with the Federal Law #244-FZ “On Skolkovo innovation center” of September 28, 2010. To apply the relief, a participator must submit a written notification and documents confirming its status as well as certificate from the book on accounting incomes and expenses to the tax office where this participator is registered. These documents must be sent not later than the 20th of the month following the month when a participator started to use a right for the exemption.
 

Point 4 of clause 246.1 of the RF Tax Code was specified in the similar way for a participator of the Skolkovo project to apply a relief for paying corporate profit tax.
 

As it was noted before, an entity having a status of a project participator for implementing R&D and commercializing their results, in accordance with Federal Law “On Skolkovo innovation center”, has the right to exempt from payment of VAT and profit tax in case if the fixed terms are kept. Under letter #03-03-10/15 of February 18, 2011 of the RF Ministry of Finance a recommended blank was drawn up for the Skolkovo residents to send a notification for getting preferential taxation. An entity is obliged to notify the tax authorities on its intention to use the above right, to extend the right or to give up the exemption. The recommended blank is in the application to the letter of the RF Ministry of Finance. It is called: “Notification of the project participator for implementing R&D and commercializing their results in accordance with the Federal Law “On Skolkovo innovation center” on using the right for exemption (on extending the right for exemption, on giving up the right for exemption) from a taxpayer’s duties. It is also reported that the mentioned blank may be used by an entity before its state registration by the RF Ministry of Finance.
 

The above explanation was made in the RF Ministry of Finance order #196n of December 30, 2010 “On passing blanks of documents for an entity having a status of the project participator from implementing R&D and commercializing their results in accordance with the Federal Law “On Skolkovo innovation center”.
 

As for the procedure for getting a preferential tax regime by the Skolkovo project participators, some details were explained in the RF Ministry of Finance order #14n of February 8, 2011 “On passing registration of the Skolkovo innovation project participator for implementing R&D and commercializing their results with the RF tax authorities”
 

So, in accordance with the mentioned order, the Skolkovo project participator shall be registered with the tax authorities within five working days. The RF Ministry of Finance passed “The procedure of registration of entities having a status of the Skolkovo innovation project”. It is fixed that registration shall be made within 5 days from the day of getting documents confirming a status of the project participator. The same time limit is stipulated for terminating the registration with the tax authorities. A taxpayer is to get a notification on its registration according to the blanks set by the Federal Tax Service order № САЭ-3-09/826@) of December 1, 2006.
 

On clarifying the idea of “industrial assembly”
 

The amendments were made in the industrial assembly procedure passed by joint order of the RF Ministry of Economic Development, the RF Ministry of Industry and Energy and the RF Ministry of Finance #73/81/58n of April 15, 2005. The amendments were made according to the RF Ministry of Economic Development order #678, the RF Ministry of Industry and Trade order #1289 and the RF Ministry of Finance order #184n of December 24, 2010.
 

These orders called “On making amendments into the procedure defining the idea of “industrial assembly” motor vehicles and setting application of the idea for importing automobile components for producing vehicles under tariff heading numbers 8701-8705, their parts and devices”  were signed on December 24, 2010. In particular, it was decided that a Russian legal entity must take obligations under the additional agreement, i.e. do the following to import automobile components on the preferential terms for producing vehicles with tariff heading numbers 8701-8705 (tractors, buses, cars, trucks, special road vehicles):
 

  1. To create new production capacities for producing not less than 300000 vehicles a year on the basis of the technological processes mentioned in the procedure within 48 months since the day of putting into effect the Additional Agreement or to modernize the existing production capacities for producing not less than 350000 vehicles a year within 36 months since the day of putting into effect the Additional Agreement;
  2.  
  3. To mount engines and/or gear boxes produced in the RF territory on not less than 30% of the total size of vehicles produced by this Russian legal entity within the reported period;
  4.  
  5. To organize pressing operations, including pressing details of automobile bodies;
  6.  
  7. To provide an average yearly level of production localization. 

 

Composed by All-Russia Market Research Institute (VNIKI)

 

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