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World VAT/GST News

World VAT/GST News May 2018

By May 10, 2018July 10th, 2021No Comments

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”).

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.