World VAT/GST News May 2018

Russia

The Russian Ministry of Finance has proposed significantly lowering its import VAT and duty exemption threshold for goods imported into the country (“low value consignment relief”).

Currently foreign suppliers can use this relief to import goods with a value under €1,000 VAT and custom duty free. However, if introduced the threshold will be reduced to €500 from 1 July 2018, with a further reduction to €200 on 1 January 2019.

The above information was kindly provided by Fiscal Solutions (UK), www.fiscalsolutions.co.uk; contact: contact@fiscalsolutions.co.uk.

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Disclaimer:  The information contained in the present page is general and does not constitute legal advice. Before taking any decision or action on the above information you should take the appropriate professional advice.