The Government of St. Petersburg at a meeting on July 27th adopted a draft decree on amendments to the city law "On tax benefits". The main objective of the amendments is the establishment of new tax benefits, income and property tax for investment projects, the City Administration press service said.
The amended tax legislation is believed to encourage investments in new modern enterprises.
"This law is an important component of a favorable investment climate in the city. For businesses it is very important to have constant legislation. Amendments are expected only in case of its development, improvement", Valentina Matvienko was quoted as saying.
The proposed bill provides for the income tax rate cut from 18% to 13.5%. The tax benefits term is increased from 3 to 5 years for investing companies. The benefits will be effective for those who would invest at least 800 million rubles. Manufacturing, industrial, transportation and innovative enterprises are listed among those who might benefit from the tax cuts.
The amended tax legislation is believed to encourage investments in new modern enterprises.
"This law is an important component of a favorable investment climate in the city. For businesses it is very important to have constant legislation. Amendments are expected only in case of its development, improvement", Valentina Matvienko was quoted as saying.
The proposed bill provides for the income tax rate cut from 18% to 13.5%. The tax benefits term is increased from 3 to 5 years for investing companies. The benefits will be effective for those who would invest at least 800 million rubles. Manufacturing, industrial, transportation and innovative enterprises are listed among those who might benefit from the tax cuts.