AreaRussia
Commodity GroupOilseeds, oils and meals
CommodityPalm oil
Date01/07/2019
Policy CategoryOther
Policy InstrumentTax policy
DescriptionAnnounced that, from 1 October 2019, palm oil sales would be subject to the regular VAT rate of 20 percent, thus ending the existing preferential taxation at 10 percent a measure aimed at supporting the countrys dairy industry, which has seen food manufacturers demand for its products decline as supplies of low-priced imported palm oil rose.
NotesThe Government announced that, from 1 October 2019, palm oil sales will be subject to the regular VAT rate of 20 percent, thus ending the current preferential taxation at 10 percent. According to the media, the measure is aimed at supporting the countrys dairy industry, given that, in recent years, rising supplies of low-priced imported palm oil has led to reduced demand for locally produced dairy products among food manufacturers.
