Russian IT firms may enjoy significantly lower income tax and insurance payments, according to a plan laid out by Prime Minister Mikhail Mishustin.
The tax break envisages a nearly twofold reduction of insurance payments – from 14 percent to 7.6 percent – while income tax could be cut to three percent from the current level of 20 percent, Russian business daily Vedomosti said, citing two government officials. Additionally, the prime minister reportedly offered to cancel value-added tax (VAT) on software and IT development ads on foreign digital platforms and provide special subsidies for developers.
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