Russia’s president Putin has proposed to reduce key taxes for IT companies

The Philippines has emerged as a global hub for the so-called Dark Web. Photo: iStock. Sketched by the Pan Pacific Agency.

MOSCOW, Jun 23, 2020, Pan Pacific Agency. Key taxes for information and communication technology (IT) companies will be reduced in Russia, said Russian president Vladimir Putin during his TV-address to the nation.

He said, that the mandatory pension and insurance funds contributions from the payroll for IT companies will be reduced from the current 14% to 7.6% for an unlimited period.

The income tax rate will be reduced from 20% to 3%, “which is not only comparable, but even better than in countries attractive to IT: India and Ireland,” Mr. Putin said. “In fact, it will be one of the lowest rates in the world,” the Russian president said.