Russia's State Duma has passed a law abolishing 20% ​​VAT on the purchase of precious metals in ingots by individuals.

APA-Economics reports quoting Russian media that the norm will apply to legal relations established on March 1.

The Russian government believes that precious metals, especially gold, will be able to reduce the dollar and the euro in the deposits of the population.

Previously, in Russia, individuals were taxed at 20% of the value of precious metals, and VAT was not refundable when reselling.

This was done to prevent the use of ingots as a raw material for the production of jewelry.

Now the country will have a special information system to monitor the after-sales fate of ingots.

The law also prohibits the introduction of special tax regimes in the jewelry industry from January 1, 2023 for both the purchase of metal and the sale of jewelry.