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Message: <blockquote data-quote="ibnanv" data-source="post: 24194875" data-attributes="member: 218596">Dump dollar for gold: Russia mulls eliminating gold tax to boost investment at greenback's expense                Russia’s Finance Ministry told the Izvestia newspaper it is  considering complete abolition of value added tax (VAT) on gold  purchases. This would give Russian savers an option of investing in  gold, rather than foreign currencies.  The ministry said earlier the measure could also help returning capital worth tens of billions of rubles to the country.Gold  bar buyers in Russia are currently obliged to pay 20 percent VAT.  However, when selling ingots, the tax is not returned. As a result,  demand for gold investment in the country sits at just under 3 tons per  year. Experts say that if the tax is dropped, demand could skyrocket to  50–100 tons.The abolition of VAT will create an investment gold market in Russia, Sberbank Vice President Andrey Shemetov told  the newspaper. According to him, as a financial instrument, gold is  protected from inflation, and at a time of geopolitical risks, the metal  could be an excellent substitute for traditional investments in US  dollars.Resetting the VAT on gold bullion could support the idea  of de-dollarization of the Russian economy, said Aleksey Panferov,  deputy chairman of the board of Sovcombank. The inclusion of impersonal  metal accounts in the deposit insurance system could become another  important step in that direction, he added.According to the World Gold Council, demand for gold in Russia in 2018  was 2.8 tons. In China it reached 304.2 tons, in India - 162 tons, and  in Germany - 96 tons. Compared to 2014, demand in Russia has dropped  almost three-fold. A significant increase in demand for gold was  recorded in China and Kazakhstan after their abolition of the tax.</blockquote>

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