Russia Government Considers Lowering Importation Taxes

The Russian government could lower import taxes from 10 per cent to three per cent for the importation of automobile components intended for assembly in Russia, said Mikhaïl Sorokine of the Russian ministry for economic development according to the Itar-Tass agency.

This project, intended to promote the assembly of foreign automobile models in Russia, was prepared by the ministry but is yet to have its final reading. The government wants to encourage the arrival of foreign manufacturers to compensate for the decline of the domestic car industry.

The production of Russian cars increased by 3 per cent to 1.012 million in 2003. In the first seven months of the year with 637,000 vehicles were built, according to figures from the ministry for economic development.