Putin signed a law reducing VAT to 10% on a number of children’s products
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Russian President Vladimir Putin signed a law on the sale of a number of children’s goods at a preferential rate of 10% VAT, such document published on the legal information portal.
The bill was introduced by the government this summer and was adopted by the State Duma on October 10 and approved by the Federation Council on October 11. We are talking about children’s furniture, car seats and bicycles, bathtubs and slides for bathing newborns, pacifiers, diapers, nappies, etc.
As the authors of the bill noted, reducing the tax burden will help support consumer demand, increase the market growth rate and the share of Russian-made goods included in the list, as well as support Russian families with children.
The law will come into force one month after its official publication, but not earlier than the first day of the next VAT tax period (i.e. January 1, 2024)
Before the adoption of the law, the reduced VAT rate was valid only for manufacturers of children’s clothing, shoes, toys, strollers and writing instruments, said formerly Speaker of the State Duma Vyacheslav Volodin. According to him, the saved funds will be used by companies to increase output and create new jobs.
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