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.