The Russian State Duma has approved the raising of the standard VAT rate to 20 percent, up from the previous level of 18 percent. VAT relief goods will not be affected by the hike. The new rate compares with Russia’s neighbors and primary markets as follows:
|Country||Standard VAT Rate|
The new changes will come into effect from 1st January 2019, giving countries with both lower VAT rates on Russia’s borders such as Kazakhstan, Mongolia, and North Korea as well as those with higher rates, including Finland, Poland, and Norway something to think about in terms of customs deployment.
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