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Gold/Mining/Energy : Gold Price Monitor

GDXJ 99.85

+6.2%

Nov 24 4:00 PM EST

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To: goldsnow who wrote (23771)	12/3/1998 7:41:00 AM
From: lorne	Read Replies (1) of 116764

Russian Duma committee wants to scrap VAT on gold 06:05 a.m. Dec 03, 1998 Eastern MOSCOW, Dec 3 (Reuters) - Russia's State Duma budget committee recommended on Thursday the lower house of parliament scrap a 20 percent value-added tax on sales of gold ingots and coins to individuals. Approval of the measure, which will now be considered by the lower house, would increase the liquidity in Russia of gold, which might then gain popularity as a savings instrument. Many Russians now prefer to save in dollars. It would also pave the way for the government to start minting gold coins next year and the creation of a market in the coins. Russian individuals are allowed to hold gold but can only trade coins and ingots with banks and must pay a 20 percent VAT on all gold purchases, including coins, ingots and jewellery. There is no VAT refund on resale of gold to banks, which alone are allowed to purchase coins and ingots from citizens. Russia announced plans to mint and trade gold coins in October and has said a market could be formed. A government source told Reuters that a draft presidential decree on creation of a gold, silver and platinum coin market was being coordinated by different government ministries and the central bank. ((Moscow Newsroom, +7095 941-8520 moscow.newsroom+reuters.com))

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