The FINANCIAL — As a result of cancellation of the export duties on wheat and maize, losses of the state budget of Ukraine will make 700 mln UAH until the end of 2011, said Vitaly Homutynnik, Head of the Verkhovna Rada Committee on finance, banking, tax and customs policy, on October 7.
According to V.Homutynnik, the Committee in conjunction with the Ministry of Finance will start working on finding compensators for the state budget, and submit proposals on the issue in the nearest plenary week.
V.Homutynnik said that the Government decided to cancel the export duties on wheat and maize to support domestic agricultural producers to improve the competitiveness of their products on world markets, increase production volumes and, consequently, increase employment and promoting investment in the sector of the economy.
Besides, according to V.Homutynnik, the step will assist to minimize losses of Ukrainian agrarians, due to the situation caused by reduction of grain prices on the world market. Cancellation of the export taxes on certain varieties of grains will increase the purchasing prices on the domestic market, and agrarians will receive additional resources for development.
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