Report: Russia to Impose Zero VAT on Diamonds

 “The government has approved amendments to the Tax Code, said Deputy Finance Minister Alexei Moiseev 

Alrosa Rough Diamond

According to media reports quoted by Rough & Polished, Russia’s Deputy Finance Minister Alexei Moiseev said during the Cheboksary Economic Forum that the government of the Russian Federation “approved the introduction of a zero VAT rate on rough and polished diamonds.”

“The government has approved amendments to the Tax Code, which provide for the introduction of a zero VAT rate on rough and polished diamonds,” he said on the sidelines of the Cheboksary Economic Forum.

This decision, he reportedly added, “will facilitate growth in demand for investment diamonds within Russia.”Credit: Alrosa

Source: DCLA