Ukraine: President signs law on export duties for cereals

Ukraine will impose duties on the export of wheat (of 9%, or at least EUR 17 per tonne), corn (12%, or at least EUR 20 per tonne), and barley (14%, or at least EUR 23 per tonne) for the period until January 1, 2012.

Ukrainian President Viktor Yanukovych signed a relevant law on amendments to the Tax Code and imposing export duty on some types of grain crops on June 10, the presidential press service reported.

The law will come into force on the first day of the month following the month of its publication, which most likely will be on July 1.

At the start of last October, the Ukrainian government imposed a grain export quota effective until the end of that year.

It was then extended to March 31 of this year, and increased by 1.5 million tonnes, to 4.2 million tonnes.

At end-March, the government decided to extend the quota for another three months, increasing the quota for corn exports by two million tonnes.

However, that quota was cancelled as of May 5 due to the country having sufficient stocks of corn.

15 June, 2011