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- Capital milestone: taxation of super-profitable projects will be changed in the Far East
Capital milestone: taxation of super-profitable projects will be changed in the Far East
In the territories of the Arctic and the Far East, additional taxes will be introduced under the general regime of benefits for initiatives whose profitability exceeds the agreed limit, said Deputy Prime Minister and Presidential Plenipotentiary Envoy to the Far Eastern Federal District Yuri Trutnev. Izvestia investigated the main purpose of introducing taxation, as well as how these rules can affect the investment attractiveness of the Far East and the Arctic.
Clarifying requirements
A single preferential treatment will unite all the mechanisms operating in the Far East and the Arctic (TOP, SPV, AZRF and KORF) and will support only new projects, mainly in priority sectors. The resident status will be assigned through the digital services of the Ministry of Finance and the Ministry of the Far East Development, taking into account the assessments of federal industry bodies. Minimum investments of 10 million rubles, mandatory tax monitoring and benefits for 10 years are set for investors, the amount of which is determined by the profitability of the project.
The main objective of the new approach to taxation within the single preferential treatment is to create common, transparent and universal conditions for those who invest in the development of the Far East and the Arctic, Evgeny Kunitsky, a member of the General Council of Delovaya Rossiya, told Izvestia. For companies operating in the TOP and the AZRF, this means a much more understandable system: instead of a set of diverse requirements, a single procedure now applies, and registration of resident status is transferred to one digital environment, which reduces bureaucratic and time costs.
In addition, according to him, this format makes the rules more predictable for investors and reduces the likelihood of discrepancies between different platforms. It is assumed that unification will speed up the launch of new projects and increase the overall level of trust in regional support mechanisms.
— There are both positive changes and certain risks. One of the advantages for our business is the quick start of projects, the preservation of key benefits previously received in the status of a resident. Among the risks are profitability control and minimum thresholds. Until certain specific information is available, it is difficult to assess the risks and benefits associated with combining the preframes. We are waiting for information from the FARC," the expert said.
According to him, a significant number of initiatives are already operating in the regions of the Far East and the Arctic, receiving support through preferential regimes, which confirms the practical effectiveness of these mechanisms. As changes occur, the number of projects subject to additional tax conditions may increase. However, an orderly incentive system should attract new capital investments and facilitate the preparation of major initiatives in the long term.
Attracting investors
The complex of benefits and preferences has created favorable business conditions in the Far East. The implementation of government strategies has made it possible to achieve faster economic and social growth compared to national indicators: the gross regional product has increased by more than 25%, and the volume of private investment has reached about 5.5 trillion rubles.
The updated rules are designed to minimize the number of situations where project participants benefit from major exemptions but do not demonstrate a comparable contribution to the region's economy, Olga Pozdnyakova, head of the People's Front, told Izvestia. Analytics". The mechanism should reduce the likelihood of receiving benefits without a real result and increase the responsibility of companies for their stated obligations.
In addition, it is assumed that transparent selection criteria will help to identify ineffective initiatives faster and provide support to those who really create added value. As a result, the system will become more secure from manipulation and stable in terms of long-term development of territories.
— Fairer conditions can attract investors interested in long-term and sustainable projects that really contribute to the development of the regions. It is important that the new rules are balanced and do not create excessive barriers to investment," she said.
Preferential regimes are traditionally considered as a key tool for accelerated development of individual zones: they give residents significant tax relief, access to various support measures and create conditions for the growth of industrial output, employment and income of local residents, said a senior researcher at the Institute of Regional Economics and Inter-Budgetary Relations of the Financial University under the Government of the Russian Federation in an interview with Izvestia. Andrey Zhukovsky. In practice, such mechanisms most often trigger economic recovery within a single municipality, which confirms their effectiveness on a local scale.
At the same time, adjusting the parameters of benefits, the level of rates and performance requirements is considered a natural part of the system's development, Andrei Zhukovsky said. The adaptation of the rules allows the state to better correlate the size of the preferences provided with the real effects of projects, reducing the risks of distortions and misuse of support.
"In addition, the gradual updating of conditions helps to increase business confidence: investors see that the rules are becoming more transparent and predictable," he stressed. — This increases the likelihood of new companies coming and launching major initiatives, especially in those regions where infrastructure and climatic conditions require additional incentives.
The changes under consideration, in his opinion, are able to balance the approach to supporting the most profitable projects in a new way and thereby affect the overall perception of the regions by investors. Initiatives that demonstrate high profitability or sustained over-profitability should logically be placed in a separate category for adjusting the tax burden, since the fiscal system performs not only a budgetary, but also an important socio-distributive function: it helps to equalize income levels and direct funds to socially significant tasks.
Setting up the rules in this way can increase trust in the regions. In the long term, such a model can strengthen the economic sustainability of territories and create additional incentives for projects focused on both profit and contribution to the development of local territories.
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