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In Russia earned tax free system.

The system of VAT refund by foreigners has been working in Russia since April 10, 2018. It was launched in test mode in Moscow, St. Petersburg and Krasnogorsk, reports TASS.

Before the start of the World Cup, the system will be launched in all cities-organizers of the competition. On the territory of the whole of Russia tax free system should earn by the end of the year.

Thus at the beginning of April at meeting at the Deputy Minister of industry and trade Victor Evtukhov it was specified that retailers aren't ready to use system earlier than April 15. At the same time, the Ministry of industry and trade, the Ministry of Finance and the Federal tax service should prepare an explanation of the return of goods purchased in the tax free until April 13.

Vladimir Putin signed a law introducing the tax free system for foreign citizens in November 2017. Part of the norms of the law came into force on January 1, 2018, another part will work from October 1, 2018.

The new law allows foreign citizens to return 10-12% of the value of exported from the country of purchases that they have made in Russia in the amount of more than 10 thousand rubles per day. The system applies to all foreigners who are not citizens of the EAEU countries.

Several tax free operators will operate in Russia, including the Russian company sky Finservice LLC under the Hi Sky brand. The market will also include Swiss Global Blue and Irish Premier Tax free.

Tegs system of VAT
News
The Russian economy continues to lose its attractiveness in the eyes of large transnational businesses as consumers become poorer and the government continues the sanctions war with the West.

The Washington Institute of International Finance (IIF) sharply improved its forecast for the Russian economy. Its experts revised estimates of the fall in GDP in 2020 from minus 4.8% to 3.6%.

Net capital outflow from Russia by the private sector by the end of 2020 increased 2.2 times compared to the same period last year and amounted to $47.8 billion.

The decline in foreign direct investment (FDI) in the Russian Federation in January-September 2020 amounted to about 80%, according to the report of the World Bank (WB).
Net capital outflow from Russia since the beginning of the year has approached $48 billion.
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