According to the document, transactions involving the payment of interest by banks in precious metals in bullion under a bank account (deposit) agreement in precious metals are not subject to VAT.
The draft law initiated by the Government of the Russian Federation amends the Tax Code of the Russian Federation.
It is also proposed to supplement paragraph 3 of Article 149 of the Tax Code with a norm according to which transactions involving the placement of precious metals by banks that are not attracted to deposits are not subject to VAT.
Now, from a literal reading of the current norm, it follows that only loans issued by banks at the expense of precious metals attracted to deposits are exempt from VAT taxation
