Vladimir Putin signed a law on investor support
Vladimir Putin signed a law aimed at the protection and encouragement of investment in Russia, Forbes reports.
It is meant that the law will provide favorable conditions for the implementation of investment projects totaling over 30 trillion rubles in Russian enterprises, said Andrey Ivanov, Deputy Finance Minister. He also noted that it is planned to conclude from 100 to 150 relevant agreements with a total amount of about 7-10 trillion rubles during each year.
For investment projects, a “stabilization clause” has already come into operation: it regulates the conditions for the use of land plots, urban planning activities and tax funds. The stabilization period will not exceed 6 years for projects with investments of up to 5 billion, 15 years for investments of 5-10 billion and 20 years for investments over 10 billion.
To sign an agreement with the government, the company will have to invest 250 million or more in the development of the health sector, education, culture or physical education and sports. To support developments in the areas of fintech, ecology, and agriculture, the minimum investment implies 500 million rubles, and for processing industries — 1.5 billion rubles. In other industries, the minimum entry threshold starts at 5 billion rubles. The innovation will not apply to companies related to the gambling business, trade, banking and any other economic sphere.
The government submitted the investment protection project to the State Duma in November 2019. Previously, the government introduced measures to motivate businesses to invest throughout the year.