Russian President Vladimir Putin has signed a law abolishing VAT on investment gold for individuals, the text of the law was published on the official portal of legal information.

It follows from the document that this measure was taken in order to introduce precious metals in bullion into circulation for individuals.

The law exempts from VAT operations on the sale by credit organizations to individuals of precious metals in ingots withdrawn from vaults. This applies to all transactions arising from March 1 of this year, i.e. it has retroactive effect.

It is recalled that earlier the purchase of precious metals (except for coins) by Russians was subject to value added tax at the rate of 20%. The same applied to bullion withdrawn from bank vaults.