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EEU lifts import duties for precious metals

The board of the Eurasian Economic Commission (EEC) decided to slash to zero the rates of import customs duties of the Eurasian Economic Union for some types of raw mineral materials, containing precious metal or compounds of precious metals. EEC website reported.

The decision will be applied to silver and gold in the form of powder, raw platinum, rhodium, iridium and other metals. In 2017, they have already been applied a zero rate. But the rates now range from 3 to 15 percent.

«The new measure, which is introduced till June 30, 2020, will promote the development of processing and refining enterprises, increase the utilization of their production capacities and competitiveness,» EEC summed up.