PM: Russia to set zero VAT on ship repairs if investment terms met

MOSCOW, Feb 1 (PRIME) -- Russia will set a zero value-added tax (VAT) on ship repairs, under a presidential decree to boost ship repairs, if investment terms are fulfilled, Prime Minister Mikhail Mishustin said Wednesday.

"In order to fulfill the decree, the government has prepared amendments to the Tax Code setting a zero VAT for ship repair plants,” Mishustin said.

“The incentive will be applied to the plants that repair ships on their docks and shipyards, also on condition that the organizations allocate at least 20% of revenue to their development for 7 years."

The prime minister said that the obligation will be confirmed by a state contract.

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