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Russia’s government approves bill regulating foreign currency transactions

It was noted that adopting the bill would eliminate the inconsistency of the norms of the Russian legislation on the issue of VAT compensation to foreigners when exporting goods outside the EAEU

MOSCOW, July 13. /TASS/. The Russian government has approved a bill establishing additional permitted cases of resident currency transactions, the government wrote on its official website on Saturday.

It was noted that adopting the bill would eliminate the inconsistency of the norms of the Russian tax and currency legislation on the issue of VAT compensation to foreigners when exporting goods outside the Eurasian Economic Union. On particular, the bill proposes to allow legal entities - residents to compensate foreigners for VAT in rubles.

The amendments include establishing additional permitted cases of resident currency transactions with cash foreign currency and the Russian cash currency.

The project was reviewed and approved on June 24 at a meeting of the government commission on legislative activities.

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