- The Russian Ministry of Finance clarified which banking card operations are now subject to VAT from January 1, 2026.
- VAT exemption is canceled for several card-related services, including card issuance/re-issuance, PIN changes, delivery, servicing, blocking/unblocking, acquiring services, and other non-banking card services.
- Services related to opening and maintaining bank accounts, account transfers, SBP transfers, and providing account information remain VAT-exempt.
- The VAT rate increased from 20% to 22% as of January 1, 2026, and applies to all who do not qualify for VAT benefits.
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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