05 April 2012, Thursday, 14:51

Foreign and Russian investors will have equal conditions for business activity in Bashkortostan

author: Ludmila Ternovaya

Foreign investors must have equal conditions for business activity with their Russian colleagues in Bashkortostan and the bill, discussed today during the meeting of the state committee for budget, taxes, fiancés and property issues of the State Council RB, is aimed at that. The bill “Alteration of the law RB “Foreign investment activity in Republic of Bashkortostan” is submitted for consideration in the first reading at the nearest plenary gathering of the State Council RB.

Since 1991 foreign investors worked in the Republic within the frames of the law “Foreign Investment Activity”. For this period of time regional authorities have substantially improved the legislative base, regulating investment activity and investment climate. At the same time according to information of the Federal Tax Service of Russia in Bashkortostan the tax-payers, which have the right to take advantage of the benefit, fixed by the law “Foreign Investment Activity in Republic of Bashkortostan” are absent.

Alteration of the active law will allow foreign investors taking advantage of all benefits and rights on a par with Russian businessmen.

The bill, introduced by the Minister for finances RB Ruzalia Khismatullina, “Alteration of the article 3 of the law RB “Corporate Property Tax” is also connected with foreign investments. It presumes the abrogation of the corporate property tax benefit, given to commercial organizations with foreign investments, in which the paid share of foreign investments in authorized capital stock makes up at least 25% and production incomes exceed 70% of the total sum of incomes, received from sales of their output during three years from the moment of state registration.  The necessity of abrogation is connected with passing the bill “Alteration of the law RB “Corporate Property Tax”, which presumes certain tax benefits for property of organizations, registered by tax bodies on the territory of Bashkortostan, and which signed the investment agreement concerning development of a top priority investment project with the Government of Bashkortostan. These tax benefits are equal both for Russian and foreign investors.

Deputies of the State Council RB recommend including the bill “Alteration of the law RB “Corporate Property Tax” into the agenda of the forthcoming gathering of the Republican Parliament’s Presidium for passing it in the first reading.