The Government of Leningrad region continues to create favourable conditions for implementation of investment projects in the region.
Deputy Chairman of the Government of Leningrad Region – Chairman of the Committee for Economic Development and Investment Activity Dmitry Yalov told about important decisions in investment policy during a meeting with the members of American Chamber of Commerce in Saint Petersburg (AmCham).
A draft of a new regional law on support of regional investment projects will be submitted for consideration to the Legislative Assembly of Leningrad Region. The law provides the possibility of obtaining benefits on corporate income tax – reduction of the interest rate to 10% in the regional part.
Besides, the Government of Leningrad region plans to retain benefits on corporate property tax, thus creating one of the most attractive conditions for new investment projects in the country.
The main conditions for entering the list of regional investment projects:
- volume of capital investments – from 50 million rubles
- income from sale of goods produced as the result of implementation of regional investment projects should be not less than 90% of the total income of an organization
- type of economic activity of an organization – manufacturing industries
Duration of the law – 1 January 2027.
Another important decision was announced during the meeting. Dmitry Yalov noted that after consultations with business they made a decision to keep benefits on corporate income tax for enterprises which expand or modernize production even after termination of regional law No. 113.