Siberia | Finance, business

Novosibirsk region considers slashing profit tax for IT firms

1 Sep '14
The Novosibirsk region in Siberia is considering lowering the profit tax rate for companies that operate in the local IT sector, the Russian news agency REGNUM reported.

The profit tax rate is expected to go down from todays 18% to 13.5%.

The move is aimed, among other things, at providing further incentives for IT companies to register their businesses in the Novosibirsk region and create more local jobs as a result of that.

According to the regional government, 82 legal entities currently operate in the IT sector in the region.

There are special requirements for companies that want to be eligible for the tax benefit. These reportedly include the mandatory government accreditation. Also, a company is expected to prove that its share of revenue generated from IT activity directly accounts for at least 90% of its total revenue.
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