MOSCOW, June 11. /TASS/. Russian President Vladimir Putin signed the law extending value-added tax (VAT) exemption for advertising and other services related to the Formula 1 stage in the country until December 31, 2025 inclusive. The document was posted on the official web portal of legal information on Friday.
The Russian Internal Revenue Code earlier provided VAT exemption for these services until December 31, 2020. The decision was made to extend the grace period in view of the renewal of the contract for the Formula 1 stage in Russia until December 31, 2025, and considering the potential relocation of the Russian stage.
The Russian Formula 1 stage takes place in Sochi since 2014. In 2017, the contract for the Russian Grand Prix was renewed until 2025. The Formula 1 VTB Russian Grand Prix will be held from September 23 to 26 in this year.