The Department of Finance and Economics of the Nenets Autonomous Okrug decided to amend the law on establishing a reduced corporate income tax rate for certain categories of taxpayers in terms of reducing corporate income tax rates and extending preferential rates for organizations
Photo: NAO24 archive
In order to create sustainable mechanisms for attracting investments to the territory of the NAO, the regional department decided to amend the law of the Nenets Autonomous Okrug dated 08.10.2013 No. 88-oz “On establishing a reduced corporate income tax rate for certain categories of taxpayers” in terms of lowering rates on income tax of organizations and the extension of preferential rates for organizations engaged in investment activities in the district.
The district law was developed as part of the creation of additional mechanisms to support investors planning to implement new investment projects.
This law provides for a reduction in the corporate income tax rate:
- by 5% for five tax periods starting from the tax period in which the first profit was received from activities carried out in the execution of an agreement on the implementation of investment activities in the Arctic zone of the Russian Federation, concluded in the manner established by Federal Law No. 193 of July 13, 2020 -FZ;
- by 10% over the next five tax periods starting from the sixth tax period.
The right to apply preferential corporate income tax rates is granted to a resident of the Arctic zone of the Russian Federation, with the exception of separate divisions of organizations and organizations that are members of a consolidated group of taxpayers.