All IT companies in Russia will be exempt from income tax for three years

Russian Prime Minister Mikhail Mishustin announced the exemption of all IT companies in Russia from income tax. He also promises not to conduct inspections in their regard, and to give their employees a reprieve from conscription. The document on this has already been signed by the President.

“For three years, all IT companies will be exempt from paying income tax and from inspections by regulatory authorities. They will be able to take out loans on a favorable condition for the continuation of work and new projects at a rate not exceeding 3%,” Mishustin said.

This is reported by the Interfax newspaper.

Telegram channel “Before everyone else” also shares that the Prime Minister noted that “the current preferences in the field of IT will be extended to Russian manufacturers of mobile applications.” He also shared the already signed decree on these benefits.

We add that at the moment a number of Russian banks are under sanctions, so the transfer of revenue to their accounts from abroad is impossible (moreover, the European Union has decided to disconnect them from SWIFT). So far we are talking about seven banks. In the future, it may affect others as well. And in this case, there will be no great sense in exemption from taxes on profits, as well as the profit itself or in general revenue from foreign users.

Under the circumstances, the decree looks like an attempt to buy the loyalty of the Russian IT community.

It should be noted that the letter of representatives of the Russian IT industry “against the military operation on the territory of Ukraine” has collected more than 30 thousand signatures. Launched on Sunday, a letter from Russian gaming industry workers “against [Roskomnadzor] with Ukraine” collected another 2,000 signatures.