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LDPR suggests residents of Far East be exempt from 8 federal taxes

October 22, 2012, 21:25 UTC+3
It is noted that the bill does not envisage exemption from taxes of foreign citizens and organizations in the Far East
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MOSCOW, October 22 (Itar-Tass) —— The LDPR suggests that residents of the Far East be exempt from paying a number of taxes, including the basic 13-percent personal income tax. The party’s leader Vladimir Zhirinovsky and a number of deputies of the Liberal Democratic faction referred to the State Duma the bill to this effect.

The LDPR press release says that the authors of the legislative initiative suggest that residents of the Far East be exempt from eight federal taxes: the value-added tax, the personal income tax, the organizations’ income tax, the mineral extraction tax, as well as the excise, the water tax, the state duty and the tax on the use of wildlife and water biological resources.

It is noted that the bill does not envisage exemption from taxes of foreign citizens and organizations in the Far East.

The need to abolish the personal income tax for residents of Russia’s Far Eastern regions is explained by the fact that average incomes in that part of the country are not large. The press release notes that personal incomes are not taxed in 15 countries, or have zero rate in many other countries if the annual income of a citizen is less than 8,000 euro, “which amounts to some 30,000 rubles per month.”

The LDPR also holds that the value-added tax (VAT) has a disastrous effect on the Far Eastern economy. Deputies believe that it “does not take into account the specific features of the region’s economy.” “International practice indicates that the VAT can be abolished in some regions, which will be conducive to the social and economic development of the given region and of the whole country,” the press release says.

The party expects that the adoption of the bill “will help attract to the Far East citizens from other Russian regions, which will help create new organizations and, hence, increase the country’s economic potential.

 

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