Russian Government Exempts Certain Bank Operations with Precious Metals from VAT

• The Russian government will exempt certain banking operations with precious metals from VAT.
• The law aims to create equal VAT conditions for bank deposits and loans in precious metals and other types of deposits.
• Interest on deposits in precious metals will not be subject to VAT, aligning with the treatment of other bank deposits.
• VAT exemption will apply regardless of whether banks acquire precious metals through deposits or purchases.
• The exemption covers both interest payments in precious metals and banks’ placement of metals not attracted as deposits.

Source: garant.ru

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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