World News | IT Companies in Russia to Be Exempt from Income Tax for 3 Years: PM Mishustin

Moscow, Mar 2 (PTI) All Information Technology companies in Russia will be exempt from paying income tax and free from inspections for three years, Prime Minister Mikhail Mishustin announced on Wednesday, as the West stepped up economic sanctions on Moscow for its invasion of Ukraine.

Western countries led by the United States have imposed a series of economic sanctions on Russia designed to punish the country for invading neighbouring Ukraine. Western leaders hope the unprecedented measures will bring about a change in thinking in the Kremlin.

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The Kremlin has asserted that it has enough resources to weather the sanctions. In recent days, the Russian Cabinet has taken a number of steps to prop up the Russian economy.

“All IT companies will be exempt for three years from paying the income tax and from inspections by oversight bodies; they will be able to borrow for continuation of operations and new projects at a rate capped by 3%,” the official TASS news agency quoted Mishustin as saying at a Cabinet meeting.

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Employees of IT companies will also have an opportunity to receive subsidised mortgage and the military deferent, Mishustin added. PTI

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)