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Shuvalov against tax concessions for foreign investors

“But still there are certain risks for investors and it is impossible to minimize these risks by making a zero tax rate,” Shuvalov said

Photo EPA/ITAR-TASS

Photo EPA/ITAR-TASS

VLADIVOSTOK, September 7 (Itar-Tass) — Russia’s First Deputy Prime Minister Igor Shuvalov has opposed the creation of special conditions for foreign investors.

“No special conditions in the form of tax concessions should be, although many experts are discussing this. I categorically oppose this move,” he told the APEC business summit on Friday.

“I believe that what we do, what Russia can provide, these are exclusive conditions for investors. If the rights of investors are protected, property rights will work exceptionally, the legal system will operate as that in the member-states of the Organization for Economic Cooperation and Development, then together with our mineral resources this is the answer to the question why we need to invest money here,” he said.

“But still there are certain risks for investors and it is impossible to minimize these risks by making a zero tax rate,” Shuvalov said. “I do not think this will be right.”

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