The Finance Ministry is ready to reform the scheme of levying VAT on gold

MOSCOW, July 24. /TASS/. The Finance Ministry does not wish to abolish VAT on investment gold, but is willing to change the scheme of levy of tax, reported to journalists the Deputy Minister of Finance Ilya Trunin.

“We would not like to abolish VAT on gold bullion. The only thing you can think of is to change the scheme of VAT collection by banks in gold sales and repurchase,” – said the Deputy Minister.

He noted that such a scheme operates in the Russian banks in the sale of property received as compensation. “So, if the person cannot repay the loan, the apartment goes to repay the loan, and VAT is paid with the difference that there were loads, that is, a person does not pay VAT. This is something to think about and to do the same with gold for individuals,” – said Trunin.

He stressed that excessive taxation for banks does not occur because the VAT is paid not on the whole amount, as now, but with a difference. “At the same time there is no exemption when selling jewelry on purpose,” – said the Deputy Minister.

Earlier, Finance Minister Anton Siluanov, speaking in the Federation Council, said that the Finance Ministry is ready to consider the question of the abolition of VAT on gold bullion.

Investment gold is the metal of 999.9, which cannot be used for jewelry making. The largest buyer of investment gold in Russia – the Central Bank.