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Saturday, October 20, 2018

Putin pushes Russian government to decide on industry development fund

Russian President Vladimir Putin recently ordered the government to make a decision by Sept. 1 on creating Russia's industry development fund to improve access to loans for industrial enterprises.

Putin also instructed the government to devise amendments to the tax laws that would increase taxes for enterprises whose equipment has an expired term of useful service and submit them to parliament by Dec. 1, ITAR-TASS reports.

He also ordered the government to prepare amendments to tax legislation by Sept. 1 that would include a mechanism for the country's regions to give tax benefits to newly-created industrial enterprises to the extent of their capital expenditures.

In addition, the president directed the government to amend legislation by July 1 in order to improve environmental standards and provide incentives for businesses to introduce best technologies, according to ITAR-TASS.

The government was instructed as well to endorse by Nov. 1 a detailed schedule for creating sectoral directories in 2015-2017 on the best available technologies and develop by Dec. 1 a means of support for enterprises switching to the technologies.

Putin also directed the government is to submit proposals on organizing the local production of technology compliant with the principles of the best available technologies, and to make a decision to reevaluate fixed assets with an expired term of useful service in the accounting books or large and medium industrial enterprises, ITAR-TASS reports.