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Eurasian Economic Union may link spirits and tobacco excise rates to euro

September 25, 2015, 10:17 UTC+3 MOSCOW
Countries will determine the specific rate independently, the agreements will only limit the corridor for rates, Minister of Economics and Financial Policy of the Eurasian Economic Commission says
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© TASS/Sergei Bobylev

MOSCOW, September 25. /TASS/. Despite the recession and devaluation of national currencies, the Eurasian Economic Union (EAEU) does not give up an idea of harmonizing spirits and tobacco excise rates and link them to euro. "Excise rates will be nominated in euro; this is the only hard currency." Minister of Economics and Financial Policy of the Eurasian Economic Commission (EAEC) Timur Suleimenov told Vedomosti newspaper on Friday.

EAEU officials will be ready to present draft agreements on harmonization of tobacco and spirits excises for review by the EAEC, Suleimenov said. If draft agreements are approved, excise harmonization process may start next year, he added.

The excise will not be common even after that. Countries will determine the specific rate independently; the agreements will only limit the corridor for rates, Suleimenov said.

The core decision to harmonize excises was made in May 2015 at the EAEC intergovernmental board meeting. Harmonization will be linked to establishment of the common wines and spirits market of the EAEU.

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