N e w s

The Councel of Federation of Russia has made a request to Duma to exempt the subfederal state funds from the payment of VAT at the conducting of operations with the Central Bank and the authorized organizations as well as with special authorized commercial banks and foreign-economic organizations. The request from the Councel of Federation to Duma concerning the proposal of including certain changes into the decree on "VAT" was adopted today at the meeting in the Upper chamber of the Russian parliament.

The exemption of the subfederal state funds of precious stones and metals from the payment of VAT, according to the authors of the request, will allow to increase the operation effectivity of these funds. The members of the Councel of Federation believe that this kind of decision should be adopted in the interest of the regional economic development.

In the present time subfederal state funds of precious stones and metals pay VAT at the conduction of operations at the rate of 10% unlike the same federal fund which was exempted from VAT. Source: AK&M

Source: AK&M