Russia may abolish export duty on gold - TASS reports (updated)

Polymetal International PK

16/04/2024 09:05

(Adds details and quote.)
       MOSCOW, April 16 (Reuters) - Russia is considering
abolishing export duties on gold, state news agency TASS
reported Tuesday, citing the director of the finance ministry's
tax policy department.
        Russia was in 2022 ranked as the world's second biggest
gold miner, after China and before Australia, according to the
World Gold Council. Russian gold exports are not published.
  
        When asked about the possible abolition of export duties
on gold as the mineral extraction tax was being increased, Danil
Volkov, director of the finance ministry's tax policy
department, said: "This issue is being considered at the
moment."
  
        Russia's lower house of parliament last week passed a
bill to increase the mineral extraction tax on gold from June to
December 2024 to compensate for budget losses due to falling
export revenues.
  
        Russian Deputy Finance Minister Alexei Sazanov said that
this would bring 15 billion rubles to the budget by the end of
the year.
  
        Russia's Polyus's  PLZL.MM  says it is Russia's largest
gold producer. It reported 
    net profit rose 12%
     to $1.7 billion last year thanks to increased production
and sales. 
  

 (Reporting by Anastasia Lyrchikova; editing by Guy
Faulconbridge)