IT companies’ employees in Russia will be able to receive preferential mortgages and deferment from army

Employees of IT companies in Russia will receive a deferment from the army, and the opportunity to get a preferential mortgage, Prime Minister Mikhail Mishustin said on Wednesday at a Cabinet meeting.

"For three years, all IT companies will be exempted from paying income tax and from inspections by regulatory authorities. They will be able to take loans on favorable terms to continue their work and new projects - at a rate not exceeding 3%.

The Government will also provide employees of such companies with the opportunity to obtain preferential mortgages. Until they reach the age of 27, specialists will receive a deferment from conscription for the duration of their work in Russian IT companies," the Prime Minister of the Government noted.

The current tax preferences will also apply to the creators of mobile applications. They will also become available to organizations involved in the implementation and installation, testing, as well as maintenance of domestic solutions.

Russian President Vladimir Putin today has already signed a corresponding decree "On measures to ensure the accelerated development of the information technology industry in the Russian Federation."

Author: Azat Gizzatullin