Legislative Assembly of St. Petersburg has approved in general by 40 votes the law establishing new benefits encouraging investments, on income tax and property tax, which would replace the current investment tax benefits, the St. Petersburg parliament press release said.
Earlier, the bill had been introduced by St. Petersburg Governor Valentina Matvienko. The law provides for establishment for investors tax incentives in the form of reduction to 13,5% (vs current 18%) company’s income tax rate, the amount of which is transferred to the budget of St. Petersburg, and exemption from property tax of fixed assets, which are of investments. The investment incentives will be effective for 5 calendar years, the amount of investments for large investors is expected to be at 800 million rubles.
Earlier, the bill had been introduced by St. Petersburg Governor Valentina Matvienko. The law provides for establishment for investors tax incentives in the form of reduction to 13,5% (vs current 18%) company’s income tax rate, the amount of which is transferred to the budget of St. Petersburg, and exemption from property tax of fixed assets, which are of investments. The investment incentives will be effective for 5 calendar years, the amount of investments for large investors is expected to be at 800 million rubles.