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The law on priority investment projects has been adopted in the Smolensk region
 

08.07.2015 The law on priority investment projects has been adopted in the Smolensk region

The law on priority investment projects has been adopted in the Smolensk region

The law defines new measures of investors’ support and simplifies selection procedure of projects. The Smolensk region duma made alterations to the regional law «About the state support of investment activity in the territory of the Smolensk region».

For investment practice of the region a new concept «the priority investment project» is entered into the legislation, tax preferences for projects to that category, subsidies, conditions and their receiving are also described in the legislation. The document considerably simplifies an order of procedures to receive the support. The statutory act that makes amendments in the regional legislation is initiated by the acting Governor Alexey Ostrovskiy.

According to the law the priority investment project is understood as the investment project that is directed on creation of new capacities on goods production, and also projects on creation of new objects of heat supply system.

The regional law provides tax preferences to investors within 10 years:

- income tax of organizations in the part of profit that is received from implementation of the priority project, equal to 4,5% concerning the tax which is payable to the regional budget;

- the investor is completely exempted from payment of the property tax of the organizations concerning the property that is constructed and acquired as a result of implementation of the priority project;

- subsidies for compensation of part of expenses on implementation of the priority project, equal to 18% of a rate of income tax, are provided to the investors who realized priority projects at the cost of not less than 3 billion rubles.

Implementation of priority investment projects has a number of advantages in comparison with the approved investment projects:

- selection of the investment projects which are subject to inclusion in the list of priority investment projects has declarative character;

- the period of providing state support will make 10 years.

This law increases investment potential of the region and becomes its competitive advantage in comparison with other territorial subjects of the Russian Federation and also special economic areas.