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RUSSIA'S ECONOMY

Russia's taxation rates to be locked in for 4 years in Russia — Putin

Russia’s reserve funds allow pursuing this policy, the president said

© ITAR-TASS/Pavel Smertin

ST. PETERSBURG, June 19. /TASS/. Russian President Vladimir Putin said taxation rates will be locked in for 4 years in the country.

"We’ve made a critical decision to lock in taxation rates for the nearest 4 years and not to increase fiscal burden on business so that companies could plan their work for mid-term," Putin said at St. Petersburg International Economic Forum on Friday.

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The president also said the authorities "will be sticking to this principle regardless of external conditions and the burden on budget." Russia’s reserve funds allow pursuing this policy, he added.

"At the same time we create additional impetus for new developing companies," President said, adding that during his work at the Forum "a new proposal arose to provide the same subsidies for new investment as well, not just on greenfield /projects/. "We’ll definitely view this proposal and I think we may well implement it," he said.

"Capital and assets that return to Russia from abroad will be exempted from paying taxes. Their owners will be provided with guarantees on protection of any type of prosecution. Simultaneously we will be taking steps to raise transparency of Russian companies and their subsidiaries abroad," Putin said.

He added that small business that has not violated regulations will be freed from inspections for 3 years starting from 2016.

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Vladimir Putin Taxation

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