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The bill establishing tax incentives for residents of TOR adopted by the State Duma in the second reading
The State Duma adopted in second reading a government bill establishing tax benefits for residents of the territories of advanced socio-economic development (TOP) in Russia and aimed at providing state support to the regions of the Far East.
The bill is included in the package of documents aimed at creating the TOR. It is assumed that such territories for the first three years can be organized only in the Far East. The rest of the basic draft laws establish the rules for the creation of a territory of advanced development, termination of its existence, and requirements for its management.
According to this draft law, a zero rate on corporate income tax, to be credited to the federal budget, will be valid for five years. As for the regional budget, the rate in the first five years will not be higher than 5%, it also cannot be less than 10% in the next five years.
A tax-payer resident of TOR will be able to apply these rates if the income from its activities carried out when executing agreements on the implementation of activities on TOR is at least 90% of all revenues taken into account when determining the tax base.