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To: lorne who wrote (23377)	11/24/1998 6:21:00 PM
From: lorne	Respond to of 116795

Russia plans scrapping domestic 20 pct gold VAT 12:54 p.m. Nov 24, 1998 Eastern MOSCOW, Nov 24 (Reuters) - The Russian government supports proposals to abandon a 20 percent value-added tax imposed on gold ingot sale to individuals, Finance Minister Mikhail Zadornov told reporters on Tuesday. ''We have supported the proposal of some (parliamentary) deputies on scrapping VAT on gold sales to individuals by commercial banks,'' Zadornov said. At present individuals have to pay a 20 percent VAT for gold bought from domestic commercial banks which is not compensated if they try to sell it back. The existence of the VAT is considered one of the obstacles for Russia's plans to start minting gold coins next year. In October Russia announced plans to mint and trade gold coins to help take the place of the dollar, which is believed by many Russians to be the safest investment, and to use the proceeds to support the gold mining industry. ((Julie Tolkacheva, Moscow Newsroom, +7095 941-8520 moscow.newsroom+reuters.com))