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Gold/Mining/Energy : Gold Price Monitor

GDXJ 94.04

+0.6%

Nov 21 4:00 PM EST

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To: goldsnow who wrote (26293)	1/15/1999 9:13:00 PM
From: lorne	Read Replies (1) of 116764

MOSCOW, Jan. 14, 1999 -- (Reuters) Russia's State Duma lower house of parliament rejected a bill that would have scrapped value-added tax at a rate of 20 percent on sales of gold ingots and coins to individuals, Russian news agencies reported. They said only 194 deputies voted for the bill, with 19 votes against and two abstentions. For the bill to be passed 226 votes were necessary. Scrapping VAT could have increased gold's popularity as a savings instrument and paved the way for the government to start minting gold coins. Russian individuals are allowed to buy and sell gold ingots and coins but they have to pay VAT at 20 percent on buying them. Banks that repurchase gold do not refund the VAT already paid. ( (c) 1998 Reuters) russiatoday.com

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