Info for customers
GUM-Red-Line Gallery is a subsidiary of GUM Shopping Center JSC.
GUM Shopping Center JSC acts as an agent in transactions between private individuals (artists) and artwork buyers.
When selling paintings, photographs, sculptures, the GUM-Red-Line Gallery (GUM Shopping Center JSC), as an Agent, does not charge customers VAT through receipts or other billing documents. Per Cl. 1, Art. 143 of the Tax Code of the Russian Federation, private individuals (artists) are not VAT taxpayers.
The Agent – GUM Shopping Center JSC:
— pays VAT and income tax only from the Agent’s commission,
— is not a withholding agent for any other transactions.
Per Law # 173-ФЗ “Currency Regulation and Currency Control”, if the selling price for a painting equals or exceeds 6 mln rubles in case a contract is signed with a non-resident legal body, GUM Shopping Center JSC must open a transaction certificate in the authorized bank which will conduct the payments for the transaction in question. The transaction certificate must be opened before money transfers and before a rights transfer for the artwork. The time needed to open a transaction certificate is 3-5 days. The following documents are to be submitted to the bank:
— Contract (agreement), signed by both parties
— Transaction certificate application
In accordance with Paragraph 3, Cl. 2, Art. 14 of Law # 173-ФЗ, payments in currency with non-resident legal bodies can be completed only via a bank account.
After a transaction certificate is open in the time prescribed by law (15 working days after the transaction is completed), the following documents are to be submitted to the bank:
— Precious artwork release and acceptance statement
— Invoice containing the buyer’s address
— Currency transaction certificate
If the contract price exceeds 200 thousand rubles but is below 6 mln rubles, there is no need to open a transaction certificate in a bank. However, the following documents are to be provided to the authorized bank, which will conduct the payments in the currency for the transaction in question: contract, invoice, documents proving the transfer of goods.
If a non-resident private individual makes a non-cash payment in currency other than rubles via a bank card, the Agent – GUM Shopping Center JSC – in accordance with Law # 54-ФЗ provides a register receipt. Money is transferred to the resident Agent’s operating account in rubles (the bank automatically converts foreign currency to rubles). A contract is concluded with the non-resident private individual, a precious artwork release and acceptance statement and a receipt are to be provided.
In a contact concluded with a non-resident buyer, the delivery base is noted as EXW Moscow (GUM Shopping Center JSC), the property rights transfer time is also noted – GUM, Moscow. In this case, all the following movements of the goods are effectuated without the participation of the Agent – GUM Shopping Center JSC.
The Agent – GUM Shopping Center JSC – provides the buyer with a document for the export of the relevant artwork outside Russia.