At the end of last year, the demand for investment in the Russian domestic market increased from 5 tons to 75 tons according to 2020-2021 data. A significant increase in this indicator was associated, among other things, with the abolition of VAT on the purchase of gold bars by individuals. informs With reference to the press service of the Ministry of Finance (MinFin), RIA Novosti.
“According to the largest Russian banks, more than 75 tons of gold bars were sold to the public in 2022, while in 2020-2021 the indicated amounts were about 5 tons and more than 8 tons of silver,” the ministry said.
The law on the abolition of VAT on the purchase of gold bars for individuals was adopted in Russia in March 2022. A few more leniency followed, including allowing banks to sell gold bars to individuals in exchange for cash, and exemptions from personal income tax on income from citizens’ sales of gold bars for 2022 and 2023, the note said.
February 27 Financial intelligence and the Central Bank reported about the risks of money laundering through precious metals. Rosfinmonitoring Minister of State Herman Negliad said that the purchase of gold as an investment tool has become more important recently due to the weakening of confidence in foreign currency in Russia.