Russia to Support SMEs by Amending Tax System

Russia to Support SMEs by Amending Tax System

Russia-to-support-SMEs-and-to-amended-tax-systemAt the end of June, the Russian Prime Minister announced the development of new projects similar to the ones implemented in the 2000s. The programs would address both citizens and Russian small and medium-sized companies in the country and will also support the increase of exports. Our Russian lawyers can help foreign investors set up companies here.

The new Russian strategic projects

The Russian Prime Minister is currently working on new schemes in order to support Russian citizens and small and medium-sized companies, as their number has started to grow during the last few years, not to mention their appearance in almost all industries.
The Prime Minister declared that the whole Russian economy needs an overhaul and the change should begin with its infrastructure. More support will be offered to exporters which will benefit from other international agreements Russia intends to sign during the next years. The employment sector will also benefit from assistance as high-performance labor places will be created in state-owned companies, but the private sector will also be assisted. Small companies and sole traders will be the ones benefitting the most from the new projects.
The government plans to encourage investors to set up small companies in Russia in the next 5 years through simplified registration procedures, the creation of fiscal incentives and less inspections.

New changes to the Russian taxation system

Among the most important changes to take effect will be the taxation ones. According to the Prime Minister, the government plans to change the Russian taxation system in order to stimulate the economy. The adjustments to be made will not be focused on collecting money, as it was until now, but to drive economic growth, to create competitive goods and services and to ease the creation of new sources of income.
Concretely, a new preferential tax system based on regions could be established in order to stimulate the development of remote and disadvantaged localities. The government also plans to reduce administrative burdens on Russian companies and individual taxpayers. Customs procedures for companies would also be improved.
For updated information on the measures to be implemented, you can contact our law firm in Russia.

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