- The Russian State Duma approved a bill exempting banks from VAT on precious metal deposits.
- Banks will not pay VAT on interest accrued from precious metal accounts or deposits.
- The bill clarifies that VAT exemption can also apply to banks placing precious metals, even if not involved in deposits.
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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