Taxation: Russia will become one of the most attractive countries in the world for Anatalia Solovyov | 30.06.2020
The President of Russia Vladimir Putin in the next appeal to the Russians outlined the plans of the state to support domestic IT sphere. The first step in this direction will be a significant reduction
the tax burden, and then is expected to introduce measures that will enhance the competitiveness of the segment of information technology and related sectors, which the Cabinet of Ministers should develop, in cooperation with
As stated in his speech, Vladimir Putin, during the epidemic of the coronavirus, of which a significant part of business life and works of the most important public and educational
services it was necessary to translate online very rapidly, the Russian IT sector has demonstrated its strong technological and personnel capabilities. Today it is one of the most
dynamic segments of the Russian economy over the last five years the domestic exports grew by 100%.
To support the industry, which with confidence can be called the backbone, which includes a basic end-to-end solutions and technologies that are important for almost all aspects of life
countries need not just effective, but non-trivial approaches and solutions, said the President of the Russian Federation. And such decisions have already been prepared. Support the head of state offered a very tangible
reducing the tax burden on the wages Fund – main expenditure item for all high-tech companies. Currently, the rate of insurance contributions for such companies is 14%, but
the measure is temporary and is valid until 2023 At the proposal of the head of the country, it is necessary to reduce to 7.6%, and left in these sizes forever. In addition, said Vladimir Putin, for IT companies
it would be much right – on order from existing 20% to 3% – reduce tax rate on profits, and also to make this measure perpetual. Thus, for domestic
The ICT segment to be applied is one of the lowest tax rates in the world, that will make Russia more attractive for IT-business country than India and Ireland.
Noting the importance of reducing the tax burden, the Russian President noticed that the domestic IT industry and related spheres must be competitive in all other operating conditions. Because of this
The Cabinet of the Russian Federation received from the head of state the job – together with the expert and professional community to perform and to work out necessary measures, taking into account the high
mobility, which has been a hallmark of the ICT sector.
As commented in the media Director of tax & legal auditing company KPMG Alexander Tokarev promised by the President of the Russian Federation decrease in the rate of income tax
will make the Russian tax burden comparable with the terms of such attractive market, like Cyprus, where the size of such a tax is only 2.5%.
Overall, said the President in his speech, not only in IT sector but in all sectors of the Russian economy should be set globally competitive tax,
financial and legal conditions, because entrepreneurs and their employees choose to live and conduct business wherever it is convenient and comfortable.
As reported by the media, on the news about the upcoming tax maneuver of the Russian IT companies rose on the same day. Thus, according to trading on the Moscow stock exchange, shares of the company “Yandex”
rose 2.54% to 3325,4 RUB (as at 17.58 GMT), global Depositary receipts of Qiwi by 1.69%, to RUB 1206, on the London stock exchange paper Mail.Ru Group went up by 9.61% and reached
22,25 USD. USA.
The full text of the letter posted on the official Kremlin website.
taxation Russian it companies
Journal: Journal IT-News, Subscription to magazines