Putin signs bill on tax free system in Russia into law
MOSCOW, November 28 (RAPSI) – President Vladimir Putin has signed a bill introducing tax free system in Russia into law.
The relevant document has been published on the official website of legal information.
The legislation is to allow citizens of countries outside the Eurasian Economic Union 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.