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Putin orders to stipulate tax credit for groups of companies

"It provides an opportunity to manage quality of investments and incentivize capital expenditures for priority areas," the Russian president underlined

ST. PETERSBURG, June 7. /TASS/. The government should provide for a tax credit for groups of companies, Russian President Vladimir Putin said at the plenary session of the St. Petersburg International Economic Forum (SPIEF).

"The mechanism of the investment tax deduction is currently effective in regions. It enables companies investing in development to reduce the income tax. The credit is pegged to projects of technological sovereignty and structural adaptation of the economy since this year. It provides an opportunity to manage quality of investments and incentivize capital expenditures for priority areas. I request the government to make it so that the credit can be applied not merely within the framework of a single company but a group of companies, and also provide for additional resources for the financing mechanism of the tax credit replenishing," the president said.

The St. Petersburg International Economic Forum (SPIEF) is being held on June 5-8. This year’s theme will be "The Formation of New Areas of Growth as the Cornerstone of a Multipolar World." Scheduled events include meetings for small and medium-sized businesses, creative industries, the SPIEF Youth Day, as well as the Drug Security, SPIEF Academy and SPIEF Junior forums. SPIEF is organized by the Roscongress Foundation. TASS is the information partner of the event.

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