Central regions | Finance, business

Government prepares support measures for Russian IT companies

23 Jun '20
The Government has prepared a so-called “tax maneuver” for some Russian IT companies, the USRBC reported, citing Government sources.

The move would reduce social security contributions from 14% to 7.6%, and the income tax from 20% to 3%. It would also cancel the VAT on some advertising on foreign sites and offer to software developers the possibility of receiving special subsidies.

Russian IT companies who receive at least 90% of their income from sales of software and services would be eligible for support. There is no stated end-date for support measures.

Earlier this month President Putin instructed the Government to “prepare a multifaceted plan to support the [IT] industry”. At the meeting, representatives of the Russian IT industry said that the industry’s profits had fallen 40% in 2020 and it would lose 10% of its workforce (50,000 employees) due to the pandemic.
Publish in Twitter
Write to Facebook
Google Buzz
Write to LiveJournal
Show in MM
Share MK
Find Related Content


Tags: IT companies (6) / support (379) / tax maneuver (0) /

Latest News: Central regions
3 Jul '20 | Technology & innovation
3 Jul '20 | Technology & innovation | Finance, business
2 Jul '20 | Technology & innovation

Feature stories

21 May '20
Russian and Italian researchers have developed a...
5 Apr '20
To extend the service life of medical fabric masks—an...
26 Feb '20
A Russian developer has come up with its own...
Search (News archive - 22071)

World of the Future, World of AI

Luc Jones: A Guide to Doing Business in Russia and the CIS Countries
Why Russians Don't Smile
Marchmont News

Latest News

3 Jul '20
A California-based start-up of Russian origin raised...
2 Jul '20
A Covid-19 vaccine has been unofficially tested on...
30 Jun '20
A Russian Linux-based operating system has been...

Most read stories from last week

3 Jul '20
Russian biophysicists have created a compact device...
3 Jul '20
Piezus LLC, a resident of the Technopolis Moscow SEZ,...
3 Jul '20
A California-based start-up of Russian origin raised...