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Russia’s industry minister says tax-free system may soon be introduced

January 23, 2017, 11:21 UTC+3

All necessary documents to the Finance Ministry, Industry and Trade Minister Denis Manturov said

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MOSCOW, January 23. /TASS/. Russia’s Industry and Trade Ministry has submitted proposals on tax-free system to be introduced in Moscow, St. Petersburg and Sochi to the Finance Ministry, Industry and Trade Minister Denis Manturov told TASS, adding that a relevant decision may be made soon.

"We’ve submitted all necessary documents to the Finance Ministry. (The final decision regarding the launch of the tax-free system in pilot regions may be made - TASS) soon, literally just about," he said.

According to Manturov, all partial decisions necessary for introducing the tax-free system have been made already. When asked where in Russia it will be introduced, the Minister said: "Those are St. Petersburg, Sochi and Moscow."

As was reported earlier the pilot project on the launch of tax-free system is planned in three Russian regions.

The project was considered at the meeting with First Deputy Prime Minister Igor Shuvalov who urged the use of relevant international experience. According to Shuvalov, the introduction of the return of VAT to foreign individuals will contribute to the growth of tourist flow in Russia and an increase in turnover.

Tax free is a system of VAT refund for purchases made by foreign citizens. The refund varies from 7% to 20% from country to country.

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