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EAEU sets zero duties on raw materials for refining for three years

The Board of the Eurasian Economic Commission decided to reduce the rate of import customs duties on certain types of raw materials containing precious metals and their compounds to zero. Press service of the Eurasian Economic Commission (EEC) reports.

The decision was approved for a period of three years. To date, the corresponding duties range from 3 to 15 percent of the customs value. At the same time, the precious metals market in the Eurasian Economic Union has an insufficient supply of raw materials to use the capacities of refineries. The adopted decision should increase the level of production utilization in the EAEU states, as well as increase tax revenues.

«Introduction of the measure will contribute to the development of investments in new technologies for refining and jewelry production, in labor protection and industrial safety, as well as environmental protection,» Andrey Slepnev, Member of the Board — Minister in charge of Trade of the EEC noted.