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Russia could reduce poultry import tax for Brazil: RIA reports

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Russia could reduce tax on poultry imports from Brazil if rising domestic prices do not stabilise, the RIA news agency reported on Tuesday, citing an industry source.

Moscow has imposed grain export curbs and other measures in an attempt to slow food inflation amid the COVID-19 pandemic and falling household incomes.

The possible tax cut was mentioned at a meeting of agriculture ministry officials and Russia’s largest poultry producers on Tuesday, at which they discussed rising prices for poultry and eggs, RIA said.

Chicken and eggs are the most popular animal protein available to Russians, with domestic demand rising in the past 12 months while Russia’s poultry production has been on the decline this year after some producers were hit by bird flu outbreaks.

Russia’s 2021 poultry import quota is set at 364,000 tonnes with zero tax for all countries. Outside the quota, the tax rises to 65%.

“It was noted at the meeting that the government is discussing reducing the import duty on poultry meat from Brazil, which is one of the main suppliers of this product, as a possible stabilisation measure. This measure could be taken if other solutions are insufficient,” RIA quoted its source as saying.

Other solutions proposed include a higher limit for subsidised loans and an extension to existing loans for Russia’s poultry producers, a ministry statement said.

The ministry did not reply to a Reuters’ request for comment about a potential cut to the tax on imports of Brazilian poultry.

SOURCE: Business Recorder

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