Finance Ministry to prepare a bill on tax-free by Dec. 2016
Nov 10, 2016 11:29 am
First Deputy Prime Minister Igor Shuvalov has charged the Finance Ministry to prepare a bill introducing VAT refund system in Russia
First Deputy Prime Minister of Russia Igor Shuvalov instructed the Finance Ministry to submit by Dec. of this year a bill introducing necessary conditions to launch tax-free system in Russia.
VAT refund will contribute to increase tourist flows to Russia, as well as enhance goods turnover, Mr Shuvalov told journalists after a meeting dedicated to the issue.
In April, national daily Kommersant reported that a tax free system could start in test mode already by the end of 2016 at major Moscow shopping centers. Citing a copy of the minutes from a meeting on the introduction of VAT refunds for foreign visitors held by the same Mr Shuvalov, the daily said the minimum amount of purchases on which foreign citizens would be able to get a VAT refund would be 10 thousand rubles.
What’s more, back then, the daily said that following the pilot project, the system would be opened up to retailers with sales of at least 100 million rubles which don’t have any tax debts and operate retail outlets in cities with international airports.
Source URL: http://eurasiatx.com/russian-finance-ministry-prepare-bill-tax-free-dec-2016/
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