Finance Ministry may decide on investment gold VAT till March

KASIMOV, Ryazan Region, Feb 2 (PRIME) -- The Finance Ministry will decide within a month whether to abolish value-added tax (VAT) on investment gold, Deputy Minister Alexei Moiseyev told reporters on Friday.

“The main problem here is that to distinguish between gold intended for investment and for jewelry production is very hard. This is the main bone of contention. But I expect the decision to be made within a month,” he said.

Earlier, the ministry suggested that a system similar to car trade-in should be developed.

“It is basic. Of course, it is quite difficult from the point of view of calculations, but on the other hand, it covers risks. It may not be as convenient as the industry would like it to be, but on the other hand, it covers budget risks,” Moiseyev said.

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