The demand for investment gold has increased 15 times

According to RIA Novosti, referring to the Ministry of Finance, in 2020-2021 the volumes were about 5 tons and silver — more than 8 tons.

From January to November 2022, more than 50 tons of gold were sold. In the spring, the country abolished VAT on the purchase of gold bars to individuals. Previously, buyers of gold bars seized from bank vaults were charged 20% VAT. If the client returned the gold to the bank, the tax withheld during the sale was not refunded to him. This was done so that bank gold reserves would not be transferred to the industrial sector, bypassing taxation.

Since January of this year, the taxation regime for jewelry enterprises has been tightened. It is impossible to apply special tax regimes (simplified taxation system, patent taxation system) in the jewelry industry. The same restrictions will apply to the areas of metal procurement and jewelry sales.