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11 Oct, 2007 04:09

Digital camera prices tumble after import duty axed

Russia's Ministry of Economic Development and Trade has temporarily cancelled import duty on digital cameras to try to protect the market from illegal imports. The move has led one retailer to slash its prices by 10 per cent.

The duty holiday will last for nine months. If the measure proves successful, the Government will consider doing the same thing for mobile phones and laptops.

Russia's largest mobile handset retailer, Euroset, is backing the move – saying it'll allow legitimate retailers lower prices while the Government collects Value Added Taxes on the products.

“We expect our sales, and the market in general, to grow by about 20% and by an additional 10% when the grey imports disappear. And I'm absolutely convinced that all major retailers will reduce prices for cameras and the grey market will vanish,” Evgeny Chichvarkin Chairman of Board of Euroset said.

Euroset has already announced its slashing prices by 10%, and expects competition from illegal imports to eventually disappear completely.