Exemption from VAT when importing technological equipment and electronics that have no analogues in Russia

The State Duma Committee on Budget and Taxes in the first reading adopted a legislative draft on VAT exemption for the imported technological equipment and electronic products that have no analogues in the Russian Federation. Currently, the import of technological equipment into the Russian Federation (including components and spare parts for it), analogues of which are not produced in the Russian Federation according to the list approved by the Government, is exempt from VAT. The list of electronic products will also be approved by the Government of the Russian Federation. In addition, the law draft provides for the improvement of the identification procedure for imported technological equipment and electronic products to apply VAT exemption, and it will also be necessary to provide the customs authorities with the conclusion of the Ministry of Industry and Trade of Russia on the classification of products as industrial products that do not have analogues produced in the Russian Federation.