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Budgets of all levels to receive colossal effect from tax holidays in 5-7 years

December 12, 2013, 16:12 UTC+3 (Adds details) ¶ MOSCOW
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MOSCOW, December 12. /ITAR-TASS/. Russia’s Minister of Industry and Trade Denis Manturov says a bill on tax holidays for new enterprises will be discussed in the first quarter of the coming year, and when it is in place, businesses will be able to enjoy the benefits.

Those would be tax preferences for “newly organised enterprises,” the minister said in an interview with Itar-Tass following the president’s state-of-the-nation address to the Federation Council. The measure suggested by the president will “refer directly to development of new enterprises, establishment of new production facilities, industrial parks.”

First of all, tax preferences will be available to the priority sectors - new materials, metal and polymer processing, and the industry of children’s products. Manturov spoke about aluminium, which is produced in Russia, then it goes abroad as a raw material, and then Russia is buying products made of it. “This situation should be changed,” the minister said.

Russia’s President Vladimir Putin called on regional authorities to introduce throughout the country two-year tax holidays for new small businesses.

“Not all governors will enjoy the idea,” the president told the Federal Assembly. “Next day already they /new businesses/ will bring additional revenues in support of regional and municipal budgets,” Putin said.

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