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Date: 2 months ago   Category: Russia

The Ministry of Finance has applied to cancel the VAT for gold


The Ministry of Finance has applied to cancel the VAT for gold
The Deputy Minister of Finance of the Russian Federation Alexey Moiseyev has reported to media about plans of department about liberation of gold from the VAT. The deputy minister has explained that to cancel a tax on investment gold separately from jewelry it is almost impossible as "it is very difficult to divide them". The solution at the moment so far is found at a discussion stage at the level of the ministry and Federal Tax Service. According to the politician, the gold market spoke about need of such changes long ago. The State Duma already requested information on a possibility of decision-making. Development of the project about cancellation of a value added tax of precious metal has begun just with inquiry of the State Duma. In a case with repatriation of the monetary capitals, the question of removal of a tax becomes even more relevant. Applications from large banks in which it has been specified that clients plan to carry out transaction of money from foreign banks to domestic have come to the ministry. And people want to make investments in physical gold, however existence of the VAT strongly limits turnover of metal. Successful practice of cancellation of the VAT Moiseyev has cited Kazakhstan as an example. A few years ago gold was exempted from taxes. Repeated increase in turnover of precious metal became result. Participants of the market already several times asked about release of investment gold from the VAT. Moiseyev has noted that the complexity in differentiation of a precious metal for the investment and jewelry purposes remains "stumbling block". Earlier the Ministry of Finance considered the concept which was similar to trade-in.
of fapnews Maxim Novikov Today, 17:53 0

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