Today: 11 May 2025
9 March 2022
1 min read

Russia drops gold tax

Moscow has imposed restrictions on the purchase of some foreign currencies, including the US dollar and the euro, the common way for Russians to protect their savings in the past….reports Asian Lite News

Russian President Vladimir Putin on Wednesday signed a law that exempts individuals from value added tax (VAT) on the purchase of gold.

The measure is meant to provide support to Russian citizens, looking to invest their rubles, which have been depreciating in value amid Western sanctions, RT reported.

Moscow has imposed restrictions on the purchase of some foreign currencies, including the US dollar and the euro, the common way for Russians to protect their savings in the past.

The document was published on the state portal for legal information. Corresponding amendments have also been made to the Russian Tax Code.

The new legislation is retroactive and applies to purchases made since March 1.

Previously, when buying physical gold, Russians had to pay 20 per cent from the purchase in VAT. When selling the precious metal back to the bank, the VAT paid was not returned.

ALSO READ: UN tourism body to suspend Russia’s membership

Previous Story

ISIS hails Ukraine war, calls ‘divine punishment’ for West

Next Story

Pak opposition tables no-trust motion against Imran

Latest from -Top News

Rajasthan Returns to Dubai

This year, the Rajasthan Tourism Board set up their stand at ATM Dubai stage 2025—its first appearance in 15+ years. Under the stewardship of Additional Director Mr. Anand Tripathi, Department of Tourism,

UAE, Uganda forge closer ties 

President of Uganda received H.H. Sheikh Abdullah bin Zayed; both countries have deepened ties with strategic agreements in energy, investment and digital innovation  In a significant diplomatic engagement aimed at expanding bilateral

Macron backs Syria sanctions shift 

 Diplomatic outreach, sanctions, reconstruction, and sectarian unrest shape Syria’s complex new chapter.  In a landmark visit signalling Syria’s first re-engagement with a European capital in over a decade, French President Emmanuel Macron

Singapore lauds UAE field aid

A Singaporean delegation visited the UAE Floating Hospital in Al-Arish, where they toured its various departments and were briefed on the medical and humanitarian services provided to patients arriving from the Gaza

Leaders hail new Pope

The UAE President expressed hope that the pontiff’s tenure would advance global harmony, peace, and interfaith understanding President His Highness Sheikh Mohamed bin Zayed Al Nahyan has extended warm congratulations to Cardinal
Go toTop

Don't Miss

2024: Elections and Global Conflicts

If Trump’s election may bring the war in Europe to

Putin may visit Turkey in April, says Erdogan

Turkish President said that Putin may either travel to Mersin