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LDPR suggests exempting small and medium businesses in Far East from VAT and profit tax

February 03, 2014, 22:12 UTC+3 MOSCOW
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MOSCOW, February 03, (ITAR-TASS). The bill exempting small and medium businesses in the Far East working in the innovation area from the value-added tax and the profit tax was submitted to the State Duma on Monday by deputies of the LDPR faction with its leader Vladimir Zhirinovsky.

The authors of the bill say these taxes are the second and third sources of funds in the federal budget and present the main tax share. The memo says the bill exempts small and medium businesses from the value-added tax on goods (works, services) in any economic operations if they are engaged in innovation activities. Such businesses are also exempt from profit tax on goods (works, services) if the profits are received from the innovation activities.

The tax benefits are proposed to apply to the Republic of Saha (Yakutia), Primorye, Khabarovsk and Kamchatka territories, Amur, Magadan and Sakhalin regions, Jewish Autonomous region and Chukotka autonomous area.

LDPR deputies are certain that the adoption of the bill will make it possible to create an effective system of support for small and medium businesses, which will promote their innovation activities, and increase the export of high-tech products and the share of the Far Eastern Federal District in the home and foreign markets of science-intensive products.

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