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17 November , 15:38

Bashkiria will receive subsidies for investment tax deduction compensation

Bashkiria was included in the list of regions that 2023 will receive subsidies from the federal budget to partially compensate for the shortfall in regional budget revenues from the use of investment tax deductions. Prime Minister Mikhail Mishustin signed the order on this.

The allocated funds for 2.6 billion rubles will be received by 32 constituent entities of the Russian Federation, where the Regional Investment Standard support system for new investment projects has been introduced, and entrepreneurs enjoy such a tax deduction. These are the republics of Adygea, Bashkortostan, Dagestan, Kalmykia, North Ossetia, Tyva, the Udmurt Republic, Krasnodar, Perm, Primorsky, Stavropol, Khabarovsk territories, Belgorod, Vladimir, Volgograd, Kaluga, Kemerovo, Kostroma, Lipetsk, Moscow, Murmansk, Nizhny Novgorod, Novgorod, Oryol, Rostov, Ryazan, Samara, Sverdlovsk, Smolensk, Tver, Tula, Chelyabinsk regions. Last year, 19 constituent entities of the Russian Federation received support.

In regions where an investment tax deduction is in effect, entrepreneurs can reduce the amount of income tax paid to the regional budget. Territories that allow businesses to take advantage of investment tax deductions can receive up to 200 million rubles for each company. Moreover, the organization should not be associated with gambling, mining, finance, or insurance.

“Thanks to this tool, companies reduce costs for the acquisition and modernization of fixed assets, respectively, reduce project costs and can implement it faster,” explained Mikhail Mishustin.

As Bashinform News Agency previously wrote, organizations implementing communications and Internet projects in Bashkiria can receive an investment tax deduction on profits.

Author: Laysan Zakirova

Translated by:Tatyana Aksyutina
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