Source Pravda.Ru

Import Tax on Foreign Automobile Brands to Rise by 25%

Russian Prime Minister Mikhail Kasyanov has signed an agreement for the development of the Russian automobile industry. This was announced by the Department of Government Information.

The agreement for the development of the Russian automobile industry proposes import tax unification of automobiles of all kinds, irrespective of age. Over a period of 7 years, during the transition period leading up to Russia's entry into the WTO, universal import tax will be introduced for new vehicles, for vehicles between 3 and 7 years old, and for vehicles older than 7 years, at 25%. The agreement will also propose a levelling of customs tax levels for legal and naturalised persons.

The document proposes an insurance system for road vehicles and driver responsibility taking into account the age of the vehicle. The document also proposes modification of legislation supporting demand for old vehicles and the purchase of Russian automobile technology for government needs. As well as this, the document proposes a lowering of customs import tax on technological equipment for automobiles manufactured outside Russia. Customs import tax could also be lowered for other forms of transport not produced in Russia. The document says that in automobile export, Russia should orientate itself towards relatively cheap and simple vehicles for export to developing countries. The document also notes the necessity of creating a network of leasing companies to satisfy market demands for trucks, lorries and buses.

If the agreement is fulfilled as planned, Russia will be daily selling 2.5 million cars by 2010 compared to 1.4 million in 2001, 900 thousand of which were Russian and 500 thousand of which were foreign.

Tariffs on foreign marks will be raised following an order from the Russian Government.

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