Russian President Vladimir Putin instructed to amend the Tax Code to reduce the amount of income tax to a number of companies specializing in the development of genetics. The corresponding decision was published on January 24 on the official website of the Kremlin.
“The Government of the Russian Federation, taking into account the previously given instructions ‹…›, to ensure that changes are made to the Tax Code of the Russian Federation that provide for granting organizations that are technological partners of the Federal Scientific and Technical Program for the Development of Genetic Technologies for 2019-2027, and (or) their subsidiaries the right reduce the calculated amount of corporate income tax by an amount equal to 50 percent of the costs associated with the development of genetic technologies,” Putin’s order reads.
It is noted that Russian Prime Minister Mikhail Mishustin is responsible for the execution of the order before July 10.
In November, Putin said that legislative mechanisms were needed to regulate the acquisition and use of human genetic data, all decisions in this matter should be balanced.
In September last year, it became known that the Ministry of Finance had prepared a draft law on amending the regime of special administrative regions (SAR). The agency proposes to reduce to 5% corporate income tax rates on the general base, as well as on dividends, interest and royalties received.
In addition, the Ministry of Finance proposes to reduce to 10% the rate of corporate income tax and personal income tax on dividends paid by international holding companies (IHC) to Russian organizations and individuals, as well as non-public MHC to foreign organizations and citizens.
Source: IZ
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
