Russia’s Finance Minister Anton Siluanov said that gold should become an alternative to foreign currency investment, and in order to increase demand for the precious metal, the country should cancel VAT on its purchase from banks.
He’s in charge of the Ministry of Taxes and Duties, which is responsible for laws related to taxes. He clarified that he’s been preparing a revision of the draft law from the deputies of the State Duma, which would result in the abolishment of VAT on natural persons in these types of operations.
The current unstable geopolitical situation makes it more appealing to invest in gold rather than the American dollar. For this reason, the American currency cannot compete with precious metals, and it is more volatile. As a result of these factors, investing in gold will be an appealing investment option.
Buy gold at an investment bank and pay low rates on the precious metal. There is no VAT to be included with this purchase, and the proceeds of the sale will not include a fee. Two years ago, Ministry of Finance officials said they could cancel VAT on gold after the GIIS DMDC was fully operational.
