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The tax rate in the Russian IT industry will be the lowest in the world

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The tax rate in the Russian IT industry will be the lowest in the world

Russian President Vladimir Putin has proposed reducing the rate of insurance contributions for the IT industry to 7.6%. At the moment it is 14%.

At the same time, as part of the tax maneuver, the country's leader came up with an initiative to reduce profit tax from 20% to 3%.

According to Putin, it will allow, first of all, to ease the burden on payroll, which, as the president stressed, is the main item of expenditure for high-tech companies.

He reminded that the rate of insurance contributions until 2023 is 14%.

"I suggest reducing it to 7.6%. And not temporarily, but indefinitely," Putin said, adding that the income tax rate for the industry will also be reduced indefinitely - from the current 20% to 3%.

The head of state pointed out that the new conditions for the IT industry in the country are now more attractive than in India or Ireland, and added that "in fact it will be one of the lowest tax rates in the world.

A number of experts have already reacted positively to such statements. In particular, the rector of the ITMO University Vladimir Vasilyev said that such measures will give a major boost to the industry and have a positive impact on its development in Russia. According to him, the importance of IT technologies has especially increased during the pandemic.

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