Russian govt suggests cutting income tax to 5% as invest incentive

MOSCOW, Apr 19 (PRIME) -- The Russian government plans to start reducing the profit tax to 5%, if the money is used to upgrade facilities, Prime Minister Dmitry Medvedev said in the State Duma, parliament’s lower chamber, on Wednesday.

“We are suggesting considering a general tax incentive. I mean reduction of the profit tax to 5% if the money is allocated in fixed capital of a facility, which means repair, upgrade and high-tech equipment,” he said.

“This is a systemic measure, this measure is supported by the ministries and I hope that it will be supported by the colleagues in the State Duma as well because it will be applied to everyone, not only chosen facilities.”

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