PRESS: Ministry wants to cancel corporate profit tax for IT firms

MOSCOW, Mar 14 (PRIME) -- Russia’s Digital Development Ministry has suggested zeroing the corporate profit tax for IT companies indefinitely in a letter to the government’s representative at the parliament’s lower house State Duma, business daily Vedomosti reported on Tuesday.

A source close to the ministry confirmed the letter.

The law stipulates a zero corporate profit tax for IT companies till December 31, 2024. It was adopted in 2022 as a measure of support of the IT industry after the U.S. and the E.U. imposed their sanctions. Prior to the move, the tax amounted to 20%.

The country’s largest associations of software developers earlier put forward the initiative discussed at a meeting with Deputy Minister Maxim Parshin.

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