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Russian President Vladimir Putin has signed a law abolishing VAT on investment gold for individuals. The corresponding document signed by the head of state was published on the website of the official portal of legal information.
Previously, this tax amounted to 20% of transactions for the sale by banks to individuals of precious metals in ingots withdrawn from vaults.
According to the law, precious metals in ingots are introduced into the investment circulation for individuals. At the same time, the law has retroactive effect and applies to legal relations that arose from March 1 of the current year.
Previously, this law was supported by the government of the Russian Federation.
Appropriate amendments were made to the Tax Code of the Russian Federation.
According to experts’ estimates, which are given in the accompanying materials, the potential demand from citizens for precious metals in ingots is up to 50 tons per year (15% of production). At the same time, in many countries of the world where investment gold is not subject to VAT, there is a high demand for precious metals from the private sector (Germany, USA, China, India, Thailand).
Source: Rosbalt
Tristin is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
