Tax incentives should promote the development of innovation in Russia

The state Duma on Wednesday, July 22, adopted in the third reading a bill on tax benefits for IT industry. The initiative includes the indefinite reduction in existing preferential rate of insurance contributions for IT companies in the amount of 14% to 7.6%. Also for this category of taxpayers the tax rate on profits is set at 3% (at the current rate of 20%). In addition, the granting of rights to use the software included in the register of the Russian SOFTWARE based on licensing agreements and the SaaS model is exempt from VAT.

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