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A register of regional investment projects will appear in St. Petersburg

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A register of regional investment projects will appear in St. Petersburg

The Governor of St. Petersburg Alexander Beglov has approved the procedure of regional investment projects (RIP) implementation.

According to the head of the region the introduction of business support mechanism will attract new investments into the real sector of economy and increase competitiveness of the local enterprises.

The companies implementing investment projects in St. Petersburg will be granted extra tax privileges.

The decree of the governor states that the Committee for Industrial Policy, Innovations and Trade will form the list. The order of inclusion of organizations into such list will be governed by a separate decree. The list will be maintained by Federal Tax Service.

Since the beginning of the year in St. Petersburg the regional part of income tax is only 10%. Besides, property tax rate will be fully zeroed for the objects in which an entrepreneur will make capital investments. For three-year RIPs the special tax regime will be valid until the end of 2026 and for five-year RIPs - until the end of 2028.

Special requirements are imposed on the company in order to obtain RIP status. For example, the amount of investment in a project must be at least 50 million roubles for a period of no more than three years and 500 million roubles for a period of no more than five years. Another requirement is the production of one of 23 types of goods, including food and beverages, clothing, computers, paper, pharmaceuticals, and machinery and equipment.

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Author: Ksenia Gustova

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