Rus­sia seeks to speed up cut­ting VAT on gold

Arab News - - Business News -

Rus­sia’s fi­nance min­istry is seek­ing to speed up cut­ting VAT on in­vest­ments in gold in part to sup­port a Rus­sian gold re­finer that has been strug­gling af­ter it was hit by US sanc­tions, Deputy Fi­nance Minister Alexei Moiseev told Reuters.

The min­istry is await­ing ap­proval by the gov­ern­ment on the is­sue, which has been a mat­ter of de­bate among Rus­sian of­fi­cials for years. “We are striv­ing to can­cel ( VAT) not only to in­crease the de­mand for do­mes­tic gold, al­though, of course, we are in­ter­ested in fill­ing (ca­pac­ity of) re­finer­ies ... An ad­di­tional rea­son is that some of them came un­der sanc­tions and thus lost the ‘good de­liv­ery’ sta­tus,” Moiseev said.

Wash­ing­ton im­posed sanc­tions on Rus­sian busi­ness­man Vik­tor Vek­sel­berg and other Rus­sian ty­coons, cit­ing “ma­lign ac­tiv­i­ties” by Rus­sia.

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