June 25, 2019 / 2:50 PM / in 4 months

Russia may cancel VAT on gold investments from 2020

MOSCOW, June 25 (Reuters) - Russia, one of the world’s largest gold producers, is considering a bill to cancel value-added tax (VAT) on gold investments, a project its officials have been considering for years, starting from 2020.

* A group of Russian lawmakers have submitted the draft bill to the Duma, the lower house of parliament, proposing cancelling the VAT starting from Jan. 1, 2020, the official website for draft bills showed on Tuesday.

* The plan, part of a broader Russian programme to support domestic gold demand, was a matter of debate among Russian officials for years due to concerns over potential budget losses.

* In February, they agreed on the need to go ahead with the project. (Reporting by Elena Fabrichnaya; Writing by Polina Devitt; Editing by Jan Harvey)

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