Russian President Vladimir Putin has signed a law abolishing VAT on the purchase of gold bars for individuals. The document was posted on the official portal of legal information.
Previously the tax was 20%. Amendments were made to the Tax Code. The explanatory note states that the tax was a major obstacle for citizens to use precious metals as investment instruments and to dedollarize the economy.
The law also prohibits the use of special tax regimes (simplified tax system, patent taxation system) in the jewelry industry from January 1, 2023, when purchasing metal and selling jewelry.
Earlier, Finance Minister Anton Siluanov recommended investing in gold instead of the dollar. He said the fluctuations in quotes from this metal are usually of a short-term nature. In the first nine months of last year, the Russians bought a record four tons of gold bars.
It also became known that US senators have introduced a bill banning gold transactions from the reserves of the Central Bank of Russia.
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