The Ministry of Finance of the Russian Federation refused the idea of imposing excise duties on palm oil, said assistant Finance Minister Svetlana Nikitina.

In may it was reported that the authorities refused from the idea to introduce excise duty on palm oil as the market analysis showed that this measure will have the desired effect on the budget, but may have a negative impact on the food industry.

The Ministry of agriculture first endorsed the idea of introducing the excise tax, but later the head of Department Alexander Tkachev channel "Russia 1" said that it not only will not yield positive results in agriculture, but it may undermine some of its industry.

By the end of 2015, the import to Russia of palm oil amounted to almost 900 thousand tons in the amount of $640 million, a quarter more than in 2014. Palm oil is often used by dairy producers and bakers to reduce the cost of production.

The concept for the introduction of excise tax on sugary drinks to be ready before the end of 2016, said the Deputy head of the Ministry of Finance Ilya Trunin.

"We are working out the concept for the introduction of excise taxes on soda. I think that it will be ready before the end of the year, "he said.

In February 2016, the Ministry of Finance has proposed to introduce excise taxes on sugar-containing products. The Ministry noted that this measure is aimed at reducing consumption of harmful products and increasing revenues, is used in a number of countries.