Tatarstan Government considers regional tax privileges to be efficient tool

Granting benefits for paying regional taxes is an efficient way for attracting investments into RT economy. This has been announced by RT Minister of economy Midkhat Shagiakhmetov while speaking at the session of RT State Council.

Midkhat Shagiakhmetov informed in his report that benefits in Tatarstan are granted by two taxes – transport and property.

RT Minister of economy divided “beneficiaries” into three groups. The first one refers to budget institutions completely exempted from property tax according to law, for more efficient use of budget funds. The second group applies to enterprises having property tax benefits also in accordance with law. In particular, electric transport companies are fully exempted from taxes, agricultural producers pay property tax under preferential rate. The same relates to enterprises producing trucks , first of all, JSC “KAMAZ”. Large investment projects realized in Tatarstan make the third group of beneficiaries.

By words of Minister of economy, benefits for investment projects are efficient means of supporting development of Tatarstan economy. Due to benefits new investments are attracted into republic, new working places are created, and deserved salaries are paid.

Midkhat Shagiakhmetov also noted that machine building sector seriously suffered from crisis, therefore Tatarstan Government is considering the possible correction of formerly approved business plans.