Today: 1 June 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

UAE aid for Gaza in global focus

Titled Hope Remains, the documentary brings to light the UAE’s leading role in providing vital aid and support to the people of Gaza. The International Humanitarian and Philanthropic Council has released a

Syria, Israel begin quiet talks

The announcement came just hours after Israeli warplanes reportedly carried out new airstrikes in Syria’s coastal provinces of Tartus and Latakia, hitting a range of military targets. Syria has confirmed the commencement

Gaza truce deal hits new snag

US says Hamas’ reply to the ceasefire plan was “totally unacceptable” and accused the Palestinian group of dragging the negotiations backward. The latest attempt to broker a ceasefire in Gaza has hit

IAEA flags Iran enrichment spike

The International Atomic Energy Agency (IAEA), in two separate but related reports, said Iran has boosted its uranium stockpile enriched up to 60% purity by nearly 50% since February. Iran has vehemently

World needs Dubai’s ambition: Morgan

Piers Morgan has hailed Dubai’s transformation as an example of what visionary leadership can achieve. British broadcaster Piers Morgan has praised the extraordinary ambition and vision of His Highness Sheikh Mohammed bin
Go toTop

Don't Miss

Russia slams Olympic opening as ‘massive failure’

Only a few Russian athletes have been approved to participate

India to buy more Russian, American missile systems

The US Congress has already approved the sale of the