By the end of 2017 Ministry of Finance is planning to make amends in the law, which will allow Russians to open bank accounts in precious metals and buy and sell gold without paying taxes. This was told by the deputy minister of Finance Aleksey Moiseev.
MinFin suggests to pass an amendment in Civil code, that «will allow the bank to open not an account, pegged to the cost of metal, but an account in a metal itself, like it is now in classical bank enterprises abroad, when a person has some piece of gold, that is stored by his name at the basement of the bank».
The second suggestion of the administration is VAT cancelation on the purchase of investment gold of 999.9, which is not used in jewelry. «If such gold is accepted by the jewelers, they dilute it to a lower alloy, then it can be used in gold work and then VAT appears», — clarified deputy Minister.
The bill is planned to be published by the end of this year with the necessary amendments and riders. For Russian selling gold is now under 18% taxation.
At the moment, Russian banks offer the clients to open impersonal metal accounts. They consider dynamics of metal prices, pegged to the account and open accounts in gold, silver, platinum and palladium. However, the client doesn’t become an owner of a real precious metal.