Russia's Tax Exemptions For Investors May Be Prolonged 6-15 Years - Businesses

MOSCOW (UrduPoint News / Sputnik - 21st September, 2018) The time frame for receiving special tax conditions under the draft law on protection and promotion of investments in Russia may be extended anywhere from 6 to 15 years, Russian Union of Industrialists and Entrepreneurs (RSPP) head Alexander Shokhin said Friday.

The decision was made at the RSPP working group meeting with Finance Minister Anton Siluanov and presidential aide Andrei Belousov on Thursday.

"We proposed to find a middle ground, let's say, for the duration of the project, but no more than 15 years. If it is longer, it will be possible to offer a different procedure ... if the project is truly important," Shokhin told reporters.

The RSPP head admitted that the government still had a lot of work to do on this bill.

"Coordination between departments is needed to determine which taxes fall into this stabilization clause, which don't, which regulatory conditions can apply, and which cannot," he said.

The Russian Finance Ministry is currently developing this bill to create conditions for business investment in projects related to the implementation of the May decree of Russian President Vladimir Putin. According to the draft bill, investors will be able to receive tax deductions and sign an agreement with the government, which will fix the tax conditions for such a project for six years.