Russian government may cancel the fertilizer export duty
In 2023, the export duty for mineral fertilizers in Russia amounted to 23.5%. It’s charged if the cost of a ton of mineral fertilizers exceeds $450. According to the Ministry of Finance, about 120 billion rubles (over $1.4 billion) should have been transferred to the country’s budget during this year. In fact, in the first half of 2023, the budget was replenished by only 5 billion rubles (almost $60 million).
Russian authorities can replace export duties with an additional income tax or mineral extraction tax. There is an option in which the duty can be adapted to different types of fertilizers in accordance with the concentration of nutrients.