Russia imposes export VAT
- Oct 18, 2020 | Richard Asquith
Russia is proposing imposing export VAT on a range of raw materials to raise additional revenues during the COVID-19 crisis. Exports in Russia, and most of the rest of the world, are generally VAT exempt.
The raw materials which would be affected include: wood; precious stones and minerals; precious metals; zinc; tin; copper; nickel; fertilisers; animal skins and furs; and aluminium.
VAT exporters of the above suppliers will also lose their right to deduct any input VAT incurred on their purchase or processing.
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