Amendments to two regional laws aimed at support for modernization of production and investment projects being implemented were adopted in the first reading in the regional Legislative Assembly.
Improvement of conditions for investors receiving tax benefits under the regional law No. 113: reduction from 75% to 50% of the minimum volume of the total sum of taxes and fees which should be transferred to the regional budget for any year, starting from the second one, of consecutive application of benefits.
This will allow investors to receive benefits in conditions of decrease in demand and in the volume of production. This anti-crisis measure will be available for corporate income tax benefits in 2020.
The volume of investment tax deduction for corporate income tax was increased from 50% to 90%. Enterprises will be able to receive tax deduction for expenses on modernization or reconstruction of fixed assets. The list of recipients of this support was expanded: manufacturers of food products, plastic goods and participants of industrial clusters were added.
