Grain export taxes introduced

Grain exports are now subject to a temporary export tax which will last until the end of the year, the Financial Times reported. Exporters of 57 types of grain, including wheat, rice, corn and soya beans, must pay taxes of 5-25%, according to the Ministry of Finance. Wheat, rye, barley and oats exporters must pay a 20% tax, while corn, rice and soya bean exporters pay 5%. Two weeks earlier, a 13% rebate on major grain exports was removed. The measures are intended to increase domestic grain supplies and reduce inflation, which hit an 11-year high of 6.9% in November. The new export tax came into effect on January 1.