Ruben Vardanyan creating operator for tax free in Russia
01.02.2018,
11:23
Switzerland’s Global Blue, global operator of Tax Free system, is establishing a joint company with Ruben Vardanyan, a Russian businessman of Armenian descent, for working in Russia, forbes.ru said Thursday referring to the parties’ joint report.
YEREVAN, February 1. /ARKA/. Switzerland’s Global Blue, global operator of Tax Free system, is establishing a joint company with Ruben Vardanyan, a Russian businessman of Armenian descent, for working in Russia, forbes.ru said Thursday referring to the parties’ joint report.
Tax Free is a value added tax (VAT) return system that allows citizens of countries that are not members of the Eurasian Economic Union who purchase goods in Russia’s territory and take them out of the country to have their paid VAT returned.
In November, 2017, Vladimir Putin, Russian president, signed a decree to introduce Tax Free system in the country.
The company reported that the system will operate in premium class trade centers, and Global Blue is planning to attract flagship brands to this business.
In practice, this means that foreign buyers will have up to 18% of the cost of the purchased goods back if they take bought items out of Russia.
Vardanyan thinks that the launch of Tax Free system will enhance competitiveness of Russia, as tourist destination, and will have a positive effect on the country’s economy.
The company says that the launch of the system will make it possible to attract more tourists from countries with a solvent population, including residents of Asian region, particularly Chinese people, as well as travelers from nearby European countries, such as Germany, Turkey, Italy and Great Britain.
Tax Free system started operating in Russia in January 2018, when another VAT period began.
Online paperwork among all the participants of Tax Free – retailer, system operator, Federal Customs Service, Federal Tax Agency and purchaser will start operating only in October 2018. --0---
Tax Free is a value added tax (VAT) return system that allows citizens of countries that are not members of the Eurasian Economic Union who purchase goods in Russia’s territory and take them out of the country to have their paid VAT returned.
In November, 2017, Vladimir Putin, Russian president, signed a decree to introduce Tax Free system in the country.
The company reported that the system will operate in premium class trade centers, and Global Blue is planning to attract flagship brands to this business.
In practice, this means that foreign buyers will have up to 18% of the cost of the purchased goods back if they take bought items out of Russia.
Vardanyan thinks that the launch of Tax Free system will enhance competitiveness of Russia, as tourist destination, and will have a positive effect on the country’s economy.
The company says that the launch of the system will make it possible to attract more tourists from countries with a solvent population, including residents of Asian region, particularly Chinese people, as well as travelers from nearby European countries, such as Germany, Turkey, Italy and Great Britain.
Tax Free system started operating in Russia in January 2018, when another VAT period began.
Online paperwork among all the participants of Tax Free – retailer, system operator, Federal Customs Service, Federal Tax Agency and purchaser will start operating only in October 2018. --0---
