Daily Tax Report ®

Russian Gemstone Tax Bill Targets Diamond Sale Price: Interfax

Sept. 21, 2020, 5:17 AM

Government bill proposes taxing gemstones based on their sale price in a given tax period, not counting VAT, according to Interfax, citing the draft bill.

  • Mineral extraction tax for gemstones is currently 8%, based on Finance Ministry’s price guide; new tax wouldn’t be lower than rate based on Ministry’s list
  • If approved, the new tax would be effective as of Jan. 1, 2021

To contact the reporter on this story:
Alex Nicholson in Moscow at anicholson6@bloomberg.net

To contact the editors responsible for this story:
Alex Nicholson at anicholson6@bloomberg.net

Vladimir Kuznetsov

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