Currency converter
All news
News Search Topics
Use filter
You can filter your feed,
by choosing only interesting

Tax-free pilot system will be implemented in 40 stores across Russia

April 06, 2017, 15:01 UTC+3

According to Finance Minister Anton Siluanov, the VAT refund will be applied to purchases worth $178

1 pages in this article

MOSCOW, April 6. /TASS/. Tax-free pilot system planned to be launched in the autumn of this year, will be implemented in 40 stores across Russia, Finance Minister Anton Siluanov said in an interview aired by the Rossiya-1 TV news channel on Thursday.

"First the system will cover biggest cities-Moscow, St. Petersburg, and Sochi. More than 40 outlets will participate in the (tax-free - TASS) system. As the system develops the number of cities involved will be rising," he said.

According to Siluanov, the VAT refund will be applied to purchases worth 10,000 rubles ($178). The launch of the tax-free system is expected to raise the interest to Russian goods, the minister added. "Respectively, (it) will attract more tourists who will be able to buy good in stores, first of all goods made locally, when in Russia," Siluanov said.

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. In end-March Russia’s Finance Ministry completed the tax-free bill, which is expected to be submitted to the State Duma (lower house of parliament) for consideration in end-April or early May. If no problems arise, the tax-free system may be launched starting October 1, 2017.

Show more
In other media
Partner News