The Cabinet of Ministers approved a bill on zeroing VAT on ship repair work

AK&M 01 February 2023 16:11

The Government of the Russian Federation has developed a draft amendment to the Tax Code, which establishes a zero VAT rate for ship repair plants. This is reported by the Cabinet of Ministers.

The zero rate will apply to enterprises engaged in the restoration of ships in docks and shipyards. A prerequisite is to invest at least 20% of revenue in your own development for 7 years.

The Cabinet of Ministers believes that the introduction of a zero rate will allow businesses to increase investment opportunities and purchase advanced expensive equipment necessary for servicing modern high-tech ships and marine equipment.