(TASS) - The abolition of VAT (Value Added Tax) for the purchase of diamonds by individuals is currently not under consideration, Deputy Finance Minister Alexey Moiseev told reporters on the sidelines of the State Duma.
“The abolition of VAT for individuals is not being considered. Since the discussion is ongoing now, I can say that initiatives are being considered to stimulate the sale of polished diamonds in the domestic market,” he explained.
Earlier, according to the Vedomosti news daily, the VTB Bank offered the Ministry of Finance to consider new incentives for the development of the diamond market in Russia. Thus, Andrey Kostin, chairman of the board of the bank, sent a letter to Finance Minister Anton Siluanov proposing to exempt from VAT not only the purchase and sale of diamonds by individuals, but also the sale of precious stones by diamond miners to banks and the public. In addition, the proposal includes setting a zero VAT rate for banks when selling polished diamonds made from Russian rough diamonds to individuals.
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