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| Decree #4 to result in doubling in preferences for village businesses |
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Presidential decree #4 dated March 1, 2010 will facilitate a doubling in the volume of preferences for businesses working in the countryside, the deputy head of the fiscal policy department with the Economy Ministry Dmitry Kiyko reported.
Decree #4 amends decrees #9 dated December 20, 2007 and #1 dated January 28, 2008.
“In 2009, over a thousand businesses made use of the preferences, totaling U.S. $10 million, and decree #4 will double this sum,” Kiyko said.
According to him, all businesses located in rural areas will be able to enjoy preferences under decree #9, not only those registered in rural settlements. Since military communities do not have the status of rural settlements despite their location, and they have been unable to use preferences.
Furthermore, preferences under decree #9 will be available to businesses involved in production and retail simultaneously, provided they have separate accounts.
Decree #4 simplifies exemption of imports of production equipment as equity contributions from taxes and duties.
As for newly created businesses that enjoy preferences under decree #1, the most important benefit is that decree #4 extends the period of validity of profit tax preferences to seven years from five and exempts them from transfers to innovation funds.
Another important provision of decree #4 is that companies with foreign investments that make use of provisions stipulated in decree #1 have been exempted from mandatory confirmation of the accuracy of equity formation and compensation for tax breaks in case of withdrawal from business, that is, preferences will remain even after investors withdraw.
The decree cuts to one year the period of provision of preferences that a liquidated business will have to compensate for. Earlier, they were supposed to repay the preferences provided throughout the entire period of their operation. Investors will thus incur less serious risks, Kiyko said.
Prime-Tass
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