Tax Exemption for Skolkovo Residents in Russia

President Dmitry Medvedev proposed exemption from taxes for residents of the center for commercialization of innovative technologies in Skolkovo (Analogue of USA Silicon Valley in Russia). In particular, the Russian leader offered to exempt residents from income tax and VAT. 

According to the president of Russia, project participants should be exempted from profit tax, VAT, corporate property tax and land tax. Mandatory insurance premiums amount to 14%, tax on personal income will be levied in accordance with the law. The head of Russia stressed that it was "sufficiently serious decision, which is yet to come".

Nat Lawyer

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