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EAEU to have equal conditions in paying VAT on union goods, from third countries

The Supreme Eurasian Economic Council approved amendments to the treaty on the Eurasian Economic Union, which provide for the establishment of equal conditions for the collection of VAT for goods of the union and third countries imported into the free economic zones (FEZ) of the Russian Federation. The Eurasian Economic Commission reported.

After the amendments enter into force, the FEZ resident will be provided with a deferral of payment of this tax for 180 calendar days instead of the generally established VAT. Moreover, in the case of the sale of such goods within 180 calendar days, VAT will not be paid at all.

Introduction of such amendments to the agreement on the EAEU is aimed at increasing trade between the free economic zones of Russia and other countries of the union.

«A resident of the FEZ of Russia, who is interested in expanding the list of goods at a more favorable price category, will have an opportunity to import EAEU goods, which, as practice shows, have a lower cost in comparison with similar foreign goods. Exporters of the Union countries have an opportunity to apply a zero rate and accelerate refunding of previously paid VAT when exporting goods to the territory of the FEZ of Russia,» the EEC stressed.