Ministry of Industry and Commerce proposed to cancel income tax and reduce insurance premiums for import substitution projects

The agency prepared a list of measures after the President of the Russian Federation announced new conditions for the operation of industrial clusters during the SPIEF. The Vedomosti newspaper refers to a copy of the document from the Ministry of Industry and Trade with a list of measures dated August 22.

How import substitution projects will be supported:

• It is proposed to abolish the tax rate on profits from the implementation of the import substitution project and to reduce employee insurance premiums for seven years – twice, to 7.6%.
• The department plans to guarantee the purchase of imported products using the SPIC mechanism. The long-term acquisition of industrial products will be guaranteed on its platform.
• Buyers are expected to be reimbursed up to 50% of the purchase cost of pilot batches of products from industry groups.
• It is proposed to introduce a moratorium on tax audits for one year, and then within 2-3 years from the start of work, transfer them to the tax control regime. It is also planned to cancel scheduled, camera and field customs controls: the Federal Customs Service will be able to carry out an experimental remote control of information from merchandise accounting systems.
• A concessional loan mechanism for manufacturing enterprises is being developed. Loans for projects for the production of critical products will be issued at a rate of 90% of the “key”, the rest of the interest will be subsidized by the authorities to the banks. Loan term – no more than 10 years.