The Ministry of Finances proposes canceling VAT on gold in ingots, as investment in precious metals is a good way for accumulation.
Now people have to pay a 20% VAT when buying ingots from banks. While when selling ingots, the VAT is not returned, which makes purchase less attractive. Hence the low demand – some 3 tons per year.
If the VAT is cancelled sales could grow to 50-100 tons.
This could also attract foreign customers. (Ukrainian metal)