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Tax incentives for industrial enterprises: trends and innovations

Tax incentives as an incentive for investment in the actual manufacture

The state of the industrial sector directly affects the Russian economy: the more favorable the conditions for the development of manufacture, the faster the economic growth. In addition, the availability of tax incentives to establish a manufacture stimulates the development of the industrial sector. Certainly, tax incentives help entrepreneurs to improve the existing manufacture; in addition, tax incentives affect the investment in the actual manufacture. If the enterprise has the status of an industrial complex, and also the status of an industrial park, then the manufacture receives tax incentives at the regional level.

So what kind of tax incentives can manufactures get?

A manufacture receives tax incentives based on the legislation of the region in which it operates. The manufacturer can receive measures in the following areas:

  • VAT;
  • Income tax;
  • Insurance premiums;
  • Property tax;
  • Land tax;
  • Transport tax.

The residents of industrial parks and technological parks receive good tax assistance, and the incentives that work for them are as follows:

  • decrease in the rate of income tax to 13.5%;
  • lack of payment of property tax;
  • the land tax is 0.7% of plot size.

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Tax incentives for investment in the actual manufacture in 2017

There are also tax incentives for investment in the actual manufacture, distributed to participants of regional investment projects. Tax incentives are granted for such new manufactures, for example, to reduce rates of income tax, if the volume of investment in the production facility (since January 2013) is:

  • At least 50 million rubles for three years;
  • At least 500 million rubles for five years.
  • If the investments correspond to the indicated ones, then, starting from 2017, these enterprises will pay income tax on the following principles:

    • At a rate of 0% for ten years—at the federal level;
    • At the regional level, payment takes place at the rate established by the entity, from 0 to 10% during the first five years and at least 10% over the next five years.

    In 2016, the law on relief was signed by Vladimir Putin; the document is entitled On Amendments to Parts One and Two of the Tax Code of the Russian Federation. The law concerns manufactures throughout the country. Note that, it is necessary to apply to your Federal Tax Agency’s Inspectorate and to file an application for the implementation of tax incentives for new manufactures.

    It is assumed that these tax incentives to establish a manufacture will improve the business climate in Russia, increase the level of investment attractiveness, and give rise to the development of all regions of the country. It is also important that in Russia, a lot of attention is paid to the issue of tax breaks: state officials repeatedly point out the importance of tax incentives for manufactures, and the profile departments regularly develop new exemptions to improve the situation of the industrial sector. The legislative base is constantly updated; great attention is paid to manufacturers in the field of innovations, as well as manufacturers of domestic goods.

    Undoubtedly, for a timely response to all changes, you should have a competent tax specialist in your staff, or you can contact the core businesses.