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26 May, Sunday

Ufa   °

Three of fourteen new Russian priority development areas are created in Bashkiria

Economy/Business

UFA, 15 February 2019. /Bashinform News Agency/ translated by Tatiana Aksyutina/.

Prime Minister Dmitry Medvedev announced a formation of priority development areas (PDA) in the cities of Neftekamsk, Blagoveshchensk, and Beloretsk. It was posted by the Acting Head of Bashkortostan Radiy Khabirov on his Facebook page. A total of 14 PDAs have been created in Russia.

“It means favorable tax conditions, simplified administrative procedures for attracting investments and running business. Speaking simply and clearly, this is a serious chance for these cities to make an economic breakthrough in their development”, the head of the republic marked.

There are six single-industry formations in the republic: Neftekamsk, Beloretsk, Uchaly, Blagoveshchensk, Belebey and Kumertau. PDAs are formed within the last two. Seventeen residents are registered in these territories. As of January 1, 2019, they have created more than a thousand jobs and attracted about 1.8 billion investments.

In Bashkortostan, from January 1, 2019, companies-residents of priority development areas have tax rates that have been reduced three times, which will be valid until December 31, 2021. The relevant law was adopted by the State Assembly — Kurultay RB.

The income tax rate decreases from 6% to 2% for residents working under the simplified taxation system. The companies using the “income minus costs” system will have the tax rate decrease from 15% to 5%. The residents are granted benefits on profit, land, property taxes.

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