President Vladimir Putin signed a law abolishing the 20% VAT on the purchase of precious metals in bullion for individuals. The law will apply to legal relations that have arisen since March 1.
It will also be prohibited from January 1, 2023 to apply special tax regimes in the jewelry industry when purchasing metal and when selling jewelry. The State Duma adopted this law on March 4, on the same day it was approved by the Federation Council.
Previously, when buying precious metals, individuals were charged a tax of 20% of the cost; when selling back, the GDS was not returned. These measures were aimed at preventing the use of bullion as a raw material for the production of jewelry. Now a special information system will be created to solve this problem.
The authorities decided to adopt a law on the abolition of VAT in the hope that precious metals, in particular gold, will be able to squeeze out dollars and euros in the savings of Russians. The government took this step against the backdrop of Western sanctions imposed due to the Russian military operation in Ukraine. Due to restrictions that have affected, among other things, the Russian Central Bank, the dollar and euro rates have already updated their lows several times.
About the abolition of VAT on the purchase of precious metals in bullion – in the publication “Kommersant” “Gold will be thrown off 20%”.