Admin l Tuesday, November 28, 2017
MOSCOW, Russia – President Vladimir Putin of Russia has signed a bill introducing tax free system for non-Russian citizens into law.
Under the new law, citizens of countries outside the Eurasian Economic Union will be able to receive compensations for value-added tax (VAT) paid in Russia.
The initiative envisages that retailers are to be granted the right to deduct VAT pertaining to the goods sold to foreign citizens from the total amounts of VAT payable. It also establishes 0% VAT rate for organizations providing VAT compensation services to foreign citizens.
The law will take effect in steps. Some provisions will become effective within a month after official publication, others will come into force in January and October 2018.
