16:54 - 4.03.2022

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March 4, Fineko/abc.az. The State Duma adopted in the 1st reading and in general a law that removes the sale of precious metals in bars to individuals from VAT.

ABC.AZ reports that the norm will apply to legal relations that have arisen since 1 March.

The Russian government believes that precious metals, in particular gold, will be able to reduce dollars and euros in the savings of the population.

In Russia, when buying precious metals, individuals were previously taxed at a rate of 20% of the value, and VAT was not refunded when reselling.

This was done in order to prevent the use of ingots as raw materials for the production of jewelry. Now, a special information system will operate in the country to monitor the after-sale movement of ingots.