Russia MOF Announces Lower House Approves Bill on VAT Exemption for Precious Metal Bank Deposits

The Russian Ministry of Finance Oct. 14 announced that the lower house of parliament (State Duma) approved a bill to exempt banks from VAT on deposits of precious metals. The bill includes measures to: 1) exempt banks from paying VAT on interest accrued for precious metals under a bank account agreement or deposits of precious metals; and 2) clarify the possibility of applying a VAT exemption to transactions involving the placement of precious metals by banks not involved in deposits. [Russia, Ministry of Finance, 10/14/25]

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