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Official website of the President of Russia

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Abolishing VAT on the sale by banks of precious metal ingots to individuals

March 9, 2022

Vladimir Putin signed Federal Law On Amendments to Part Two of the Tax Code of the Russian Federation.

The Federal Law exempts banks selling precious metal ingots from their vaults to individuals from paying value-added tax.

Further, the Federal Law prohibits the use of the simplified taxation and patent taxation systems for organisations and individual entrepreneurs who produce jewellery and other precious metals articles or engage in the wholesale (retail) of the above.

March 9, 2022