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To lessen appeal of foreign currency, Russia prepares to end tax on gold bars
What has taken Russia so long to get around to this?
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Ministry of Finance Supports Abolition of Value-Added Tax on Gold Bars for Individuals
By Anastasia Selivanova
Rossiyskaya Gazeta, Moscow
Wednesday, March 2, 2022
https://rg.ru/2022/03/02/minfin-podderzhal-otmenu-nds-na-zolotye-slitki-dlia-fizlic.html
Gold should become an alternative to investing in foreign currency, and in order to increase demand for the precious metal in Russia, it would be logical to cancel the VAT on its purchase from banks. This was stated by Finance Minister Anton Siluanov.
He clarified that the department has already prepared a positive review of the bill of the State Duma deputies, which involves the abolition of VAT for individuals on such transactions.
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"Against the backdrop of an unstable geopolitical situation, investing in gold will be an ideal alternative to buying dollars. The American currency is more volatile, subject to various kinds of risks. Because of this, it cannot compete with precious metals," Siluanov said in a message on the website of the Ministry of Finance.
The abolition of value added tax when buying gold from banks for investment purposes has been discussed in recent years. The rate of 20% is valid upon purchase, while the reverse operation - the sale of an ingot to a bank - does not imply a VAT refund, depreciation of the investment itself. Two years earlier, the Ministry of Finance assumed that they would be able to cancel VAT on ingots after the system for marking precious metals was fully operational.
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