The law is signed, abolishing VAT on precious metal bars

The law is signed, abolishing VAT on precious metal bars

9 March 2022 The Official Internet Portal of Legal Information reported, that the president signed the law, amending the tax code regarding the taxation of operations with precious metals. The corresponding bill was submitted to the State Duma 2 March of this year and accepted already 4 Martha.

The main change for ordinary citizens is, that when buying bars of precious metals in banks, there is no longer a charge tax for value added in the amount 20%. It concerns, among other things, and gold. Taxation when buying bullion becomes the same, like coins made of precious metals, where VAT was not previously present.

However, the law is retroactive.: changes in sub. 9 p. 3 art. 149 NK, abolishing VAT on bullion, act on legal relations, arising from 1 March 2022. But it's not very clear., what to do about, who purchased bars with VAT payment between 1 And 9 March - when the law had not yet been signed.

According to RIA Novosti with reference to the author of the bill V. Reznik, the abolition of VAT on bullion gives Russians an alternative tool for accumulating funds - without credit and currency risk. Finance Minister A. Siluanov said: "Against the background of an unstable geopolitical situation, investments in gold will be an ideal alternative to buying dollars".

Here's What Investors Should Keep in Mind:

  1. Buying and selling prices are set by banks at their discretion., although focusing on prices, established by the Central Bank of the Russian Federation. Prices may vary from bank to bank. Besides, there is usually a noticeable difference between prices, by which you can buy and sell an ingot. In specialized stores and individuals, prices are often more profitable, but in the latter case, the risk is higher. At the same time, now the price of gold is at a record level..
  2. The greater the mass of the ingot, the more profitable it is to buy it in terms of a gram of metal.
  3. It is important to store precious metals in such a way, so that nothing happens to them. Dirt, Finger marks and scratches can reduce the price, according to which the bank will agree to buy the bar. Checks and certificates should also be kept., issued by the bank when selling metal.
  4. When selling bullion, you must pay personal income tax on your own. You don't have to pay it, if the sale amount is not more than 250 000 P for a calendar year or if the investor owned precious metals more than 3 years. In the first case,, Really, still need to file a claim, indicating in it the property deduction.
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We have an article about buying gold bars, which we have recently updated.

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