- Russia passed Law No. 417-FZ granting VAT exemptions on certain bank transactions with precious metals.
- Banks are exempt from VAT on interest accrued from precious metal bullion under bank account agreements.
- Placement of precious metals by banks not involved in deposits is also VAT-exempt.
- The law takes effect January 1, 2026.
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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