Russia Clarifies Currency Conversion Requirements for VAT Purposes When Supplying Foreign-Made Goods Under Contract

The Russian Ministry of Finance issued Guidance Letter No. 03-07-08/22634 on 14 March 2024, clarifying the currency conversion requirements for VAT when selling foreign-made goods under contract. The letter explains that the tax base for VAT is determined on the day of shipment in rubles according to the Bank of Russia exchange rate on that date, unless the value of the goods is already determined in rubles under the contract. If the value is determined in rubles under the contract, then the tax base is not determined by the exchange rate on the date of shipment.

Source Orbitax

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