Russia to stimulate national IT solutions demand with low taxes

MOSCOW, Nov 25 (PRIME) -- Russia’s Digital Development Ministry and the Finance Ministry have agreed on three tax stimulation measures for national IT solutions demand, including in artificial intelligence (AI), Digital Development Minister Maksut Shadayev said late on Wednesday.

“The Finance Ministry promises to make the amendments to the Tax Code until the end of this year, this is why here we hope for fast decision making,” Shadayev told President Vladimir Putin.

The first measure stipulates a lower corporate profit tax for the companies that use national AI solutions. The second measure will help firms write off hardware three times faster than now, the minister said.

“The third measure will enable the regions to introduce an investment tax deduction on the costs of Russian software and hardware installation. Naturally, the regions will decide themselves how it will be done…but we’ll ask them to prioritize this deduction for solutions in the artificial intelligence sphere,” Shadayev said.

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