Fertilizer price today June 5, 2022: At the beginning of the week, fertilizer prices have not fluctuated.

fertilizer prices today, June 5, 2022: Fertilizer prices have not fluctuated at the beginning of the week. To contribute to reducing domestic fertilizer prices, the Ministry of Finance plans to submit to the Government a unified regulation of the 5% export tax rate for this item and not differentiate according to the mineral resource ratio. Recently, the Ministry of Finance has received some mixed responses to the proposal to submit to the Government a unified regulation of the 5% export tax rate for fertilizers, not differentiated according to the mineral resource ratio in the products. To provide more information about this proposal, a representative of the Ministry of Finance said that the prices of raw materials for fertilizer production on the world market have continuously increased sharply due to the tension between Russia and Ukraine, along with the developments of the COVID-19 pandemic, which has disrupted the supply chain while demand is high. In addition, many countries have restricted fertilizer exports to retain supply for the domestic market. Therefore, domestic fertilizer prices have continuously increased. In order to contribute to reducing domestic fertilizer prices, stabilizing supply sources while creating favorable conditions, ensuring strict management, avoiding fraud during implementation, based on the tax rate framework (in the Law on Export Tax and Import Tax No. 107/2016/QH13), the Ministry of Finance has issued Official Letter No. 3662/BTC-CST to ask for opinions from ministries, branches, localities, associations, and enterprises on the Dossier for developing a project Decree on Export Tax Schedule and Preferential Import Tax Schedule, in which it is expected to submit to the Government a unified export tax rate of 5% for fertilizers (except for organic fertilizers), regardless of the proportion of mineral resources in fertilizer products. According to the current Law on Export Tax and Import Tax, fertilizers have an export tax rate framework from 0% to 40%. Specifically, fertilizer products with mineral resource value plus energy costs, if less than 51% of the product cost, have an export tax rate of 0% and from 51% or more, the tax rate is 5%. The Ministry of Finance said that after synthesizing opinions from units on the draft Decree, the Ministry will study and synthesize to submit to the Government a suitable export tax rate plan for fertilizer products. #fertilizer_price #farmers #western region #fertilizer_price #fertilizer #fertilizer #potassium_price #agriculture #fertilizer #agricultural materials #news #agriculture

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