The Russian Federal Tax Service Aug. 22 announced that effective Oct. 1, a zero percent VAT rate applies to certain sales of natural diamonds. The rate applies to sales of rough or processed natural diamonds to: 1) the State Fund of Precious Metals and Precious Stones; 2) the Central Bank of the Russian Federation; 3) other banks and organizations, including banks engaged in in extracting precious stones; and 4) the precious metal and stone funds of the federation’s constituent entities. [Russia, Federal Tax Service, 08/22/22]
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