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Russia Clarifies Currency Conversion Requirements for VAT Purposes When Supplying Foreign-Made Goods Under Contract

|Approved Changes|Russia
Russia

The Russian Ministry of Finance recently issued Guidance Letter No. 03-07-08/22634 of 14 March 2024, which clarifies the currency conversion requirements for VAT purposes when selling foreign-made goods under contract where the cost of the goods sold is expressed in foreign currency and payment is made in rubles. The letter explains that under paragraph 4 of Article 153 of the Russian Tax Code,…

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