Ukraine. President approves cancellation of duties on wheat and corn exports

2011-10-20 15:25:29

Ukrainian President Viktor Yanukovych has approved amendments to the Tax Code of Ukraine and the law on export duties on certain types of grain crops, the presidential press service has reported.

As reported, on October 7, 2011, the Verkhovna Rada passed a bill approving export duties on certain types of grain crops.

In particular, the parliament cancelled duties on wheat and corn exports. Duties on barley imports remained unchanged, at 14%, but not less than EUR 23 per ton, and they will be in effect until July 1, 2012.

On the day the law comes into force, the goods specified in this section are excluded from the regime of free trade with foreign countries, and the Cabinet of Ministers informs them about this within a month.

Duties on exports of grain crops were introduced from July 1, 2011 - on exports of wheat at 9% of the contract price (but not less than EUR 17 per ton), corn at 12% (not less than EUR 20 per ton), and barley at 14 % (not less than EUR 23 per ton).

The state feared that a significant amount of grain would be exported from the country because of too high prices in the world.