Russia MOF Announces VAT Exemption for Miners

The Russian Ministry of Finance April 21 announced VAT exemption for miners. The announcement includes that: 1) the buyer of precious metals from a miner will calculate and pay VAT to the budget; 2) the income received from up to one kilogram of gold mined per year will be exempted from individual income tax; and 3) the income received from exceeding one kilogram of gold mined per year will be subject to individual income tax. [Russia, Ministry of Finance, 04/21/23]

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