The Federation Council approved the law to increase to 20% VAT for palm oil

Источник: The DairyNews
The Federation Council at a meeting on Friday approved a law abolishing the preferential VAT rate for palm oil and increasing it to 20%. The norm was adopted as an amendment to the second reading of the draft law on reducing the VAT rate for fruit and berry products to 10%.

Now any vegetable oil is subject to VAT at a reduced rate of 10%.

The amendment makes changes to the second part of the Tax code and abolishes the use of the preferential VAT rate of 10% in respect of operations for the sale of palm oil — in respect of such operations the standard rate of 20% will be applied. The norm will come into force after one month since the date of official publication of the law, but not earlier than the first day of the next VAT tax period.

The text of the resolution of the State Duma on the adoption of the law in the third reading contains a recommendation to the government in order to prevent an increase in consumer prices for essential products in the preparation of draft amendments to the budget for 2019 and when forming parameters of the Federal budget for the next financial year "to direct the additional income of the Federal budget received as a result of increase to the VAT rate for palm oil to 20% when importing it to the territory of the Russian Federation, on implementation of actions to increase the productivity in dairy cattle breeding within the state program of development of agriculture and regulation of the markets of agricultural products, raw materials and food for 2013-2025".

According to the data previously cited by the Head of the State Duma Committee on budget and taxes Andrey Makarov, the abolition of VAT benefits for palm oil will give the budget up to 5 billion rubles.

Read full article in Russian on © DairyNews.ru

13.01.2021
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