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The State Duma Committee Suggested that the Draft Statute Concerning Carriers' Exemption from Corporate Property Tax Enacted in the First Reading

May 30, 2010

At a meeting held on June 2, 2010, the Budget and Taxes Committee of the State Duma of the Russian Federation suggested that the Draft Statute Concerning Amendments to Article 376 of Part II of the Tax Code of the Russian Federation (regarding reduction of the corporate property tax base for a certain group of taxpayers) be enacted in the first reading. The draft statute has been suggested for review by the State Duma on June 11.

According to statute draftsmen, the corporate property tax exercises a significant influence on financial activities of transportation industry enterprises, inter alia, cost and competitive ability of transport services, implementation of investment projects for improvement, upgrading and construction of airfields, sea and river ports provided for by target programs as well as commissioning of new transport infrastructure facilities.

The draft statute provides for exempting from corporate property tax for a period of up to 15 years with such exemption applied to balance transport infrastructure facilities (navigational hydraulic structures of inland waterways of the Russian Federation, port hydraulic structures, air transport constructions (safe for pressure refueling systems and space-launch complexes)) with regard to their write-up adjustment at the expense of appropriated capital investments for construction, improvement and upgrading. Such exemption applies to completed capital investments included into the book value of above facilities from 2010.

Source: PortNews.ru

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