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Rada permitted to Cabinet to change sugar minimal prices depending on market situation
10.05.2007 12:23 "Agro Perspectiva" (Kyiv) —
Verkhovna Rada has granted Cabinet right to change sugar minimal prices within this MY in case of market conjuncture changes.
Draft Law № 3199/1 "About Bringing Changes into Article 6 of Law «About State Regulation of Sugar Production and Sale» was supported by 255 people deputies (necessary 228).
As to Agro Perspective earlier report, Ministry of Agrarian Policy had proposed to Cabinet to introduce sugar minimal prices moratorium until this year Sept 1 in order to assure sugar plants stable functioning/financial condition as well as prevent plants penal sanctions.
As to Agro Perspective, presently sugar plants sell sugar UAH2,1002,400 per MT (despite UAH2,850 per MT minimal price). However, plants pay sales taxes equal to minimal prices sales taxes.
2006/07 MY sugar minimal price is UAH2,375 per MT (VAT excl.).
Experts estimate domestic sugar market annual capacity 2.2 mn MT.
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