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Innovation eyed in import tax relief for key research materials

December 10, 2013, 14:15 UTC+3 MOSCOW
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MOSCOW, December 10. /ITAR-TASS/. A Russian legal commission has approved proposals to exempt from value added tax (VAT) the import of specified materials needed for scientific research but which have no equivalent in Russia.

The aim is to lower research costs and to spur the country’s innovative effort, says the Cabinet’s official site, reporting Ministry of Economic Development proposals to change Russia's tax code.

Development of new technologies and the creation of prototype models are already free from VAT, as well as on imported technological equipment with no equivalent in Russia.

The bill will be discussed by the Cabinet. If approved, it will be introduced to the lower house of parliament, the State Duma.

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