17.11, 01:40 Meeting WTO standards may come as a heavy burden to some industries, but the Russian government is ready to help deal with it to provide a smooth transition.
Russia and WTO
07.11, 18:26 Business phenomenon Oleg Tinkov shared with RT secrets of his success, explaining how enterprises outside of the energy sector can flourish in Russia.
18.10, 22:43 Moscow is reportedly planning to follow Paris and Rome's example and tax its tourists €1-3 per day.
//Published: 17 November, 2011, 23:16
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In a radical step to boost certain areas of its economy, Russia has abolished profit taxes for companies in the medical and education sectors.
The authorities believe the move will help attract more investment and inspire entrepreneurs to set up new private schools and hospitals. Such changes, it is hoped, will increase competitiveness, lower prices and generally improve the quality of services.
The law on zero taxes for these kinds of entrepreneurs was signed last year, but it was not until now that the government finally approved the list of services.Now the organizations providing the listed services will be exempt from the 20 per cent profit-tax.
Among the tax-free services are dietary science, exercise therapy, sports medicine, massage, general practice and family medicine, cosmetology, manual therapy, dentistry, facial surgery, medical tests, as well as organ and sperm transportation.
In the educational sector, the list includes major programs, from kindergartens all the way up to higher education.
The only condition is that the organizations are properly certified in their field.
Economy specialists say that while the measure could be highly effective in the short term, there is a need for something bigger in the long term.
“I think this is a good step,” Tatyana Komissarova, from the Higher Schools of Economics, told RT. “But the main burden on a company is not profit tax, but income tax. If we are talking about a company with many highly qualified employees, salary costs can amount to 50 per cent of total expenses. Can you imagine that? I wish they would eliminate income tax too.”
17.11, 22:52 An unprecedented number of British businessmen are enquiring about setting up business in Russia, says head of Russo-British Chamber of Commerce Chris Gilbert.
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