Individuals no longer have to pay 20% VAT
Russian President Vladimir Putin on Wednesday signed a law that exempts individuals from value added tax (VAT) on the purchase of gold.
The measure is meant to provide support to Russian citizens, looking to invest their rubles, which have been depreciating in value amid Western sanctions.
Moscow has imposed restrictions on the purchase of some foreign currencies, including the US dollar and the euro, the common way for Russians to protect their savings in the past.
The document was published on the state portal for legal information. Corresponding amendments have also been made to the Russian Tax Code.
The new legislation is retroactive and applies to purchases made since March 1.
READ MORE: Bank of Russia resumes gold buying amid sanctions
Previously, when buying physical gold, Russians had to pay 20% from the purchase in VAT. When selling the precious metal back to the bank, the VAT paid was not returned.
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https://ift.tt/z6Iexqt 09, 2022 at 03:50PM
from RT – Daily news