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Putin orders to create Russia’s industry development fund

May 28, 2014, 13:07 UTC+3 MOSCOW
Putin also instructed the government to prepare and submit amendments to the tax legislation to the Russian parliament by December 1 to stimulate domestic enterprises to renew their fixed assets
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Vladimir Putin

Vladimir Putin

© ITAR-TASS/Alexei Druzhinin

MOSCOW, May 28. /ITAR-TASS/. Russian President Vladimir Putin has instructed the government to take a decision by September 1 on establishing Russia’s industry development fund as part of additional economic stimulation measures to make loans more accessible for industrial enterprises, the Kremlin website said on Wednesday.

Putin also instructed the Russian government to prepare and submit amendments to the tax legislation to the Russian parliament by December 1 to stimulate domestic enterprises to renew their fixed assets.

The amendments should envisage higher taxation for enterprises that have equipment with an expired term of useful service.

The Russian government should also prepare amendments to the tax legislation before September 1 to stipulate a mechanism for Russian regions to grant tax benefits to newly-created industrial enterprises to the extent of their capital expenditures.

The Russian government was also instructed to take measures before September 1 to simplify the procedures for selecting investment projects and granting state guarantees during their implementation, taking into account the need to cut considerably the term of decision-making on these issues.

Putin also instructed the government to amend the Russian legislation by July 1 to improve environmental protection standards and provide stimuli for businesses for introducing best technologies.

The Russian government was instructed to endorse by November 1 a stage-by-stage schedule of creating sectoral directories in 2015-2017 on the best available technologies and develop by December 1 a mechanism of support for industrial enterprises switching to such technologies.

The Russian government was instructed to submit proposals by December 1 on organizing the local production of technological equipment complying with the principles of the best available technologies.

Putin also instructed the government to make a decision by December 1 to hold a revaluation of fixed assets with the expired term of useful service in the accounting books of large and medium enterprises in industry, transport and communications to stimulate industrial equipment replacement and raise taxation on outdated plant and machinery.

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