Russia's lower house of parliament, the State Duma, has passed in the final third reading a bill that improves tax conditions for economy's development...
Russia’s lower house of parliament, the State Duma, has passed in the final third reading a bill that improves tax conditions for economy’s development.
The documents amends Clauses 23, 24, 25 and 26 of the Tax Code’s Part 2 and offers a number of tax novations to implement the innovation scenario of economy’s advance and to improve social support for the nation.
Amid other things, the bill relieves of the income tax and social unified tax the amount that an employer pays to the employees for the educational purpose and/or to set off interest under the mortgage loans.
What’s more, the bill eases tax burden on oil production. It spells out a zero rate of the severance tax for the oil fields, which resources are difficult to access. The tax holidays are introduced for the term of ten to 15 years and last until the accumulated oil production reaches the size of between 10 million tons and 35 million tons depending on the region.
The bill also increases from $9/bbl to $15/bbl the minimal taxable amount under the crude oil severance tax.
