Russia will conduct tax benefits inventory

Russian President Vladimir Putin instructed the Government to take an inventory of existing tax incentives and subsequently provide them only with an agreement on mandatory investments.

“To ensure the provision since January 1, 2021, of investment tax incentives to taxpayers, including those to whom such tax incentives have already been granted, only on the basis of a special agreement containing the obligation of a taxpayer to make investments in the territory of the Russian Federation on the terms and conditions established by such an agreement”, the document says, published on the Kremlin’s website.

According to the Izvestia newspaper, more than 20 companies owned by Russian citizens have now moved to the Special Administrative Regions from abroad.

It is reported that Putin noted the need to set forth and agree on all sanctions if the obligations are not fulfilled. In particular, the concessionaire will have to compensate for all previously unpaid taxes. This order must be executed by December 30, 2020.