The government will cancel VAT for ship repair enterprises

The project of the Ministry of Finance on zeroing VAT for shipyards has been approved by the Russian government. The condition for zeroing the tax will be the investment by enterprises of at least 20% of the proceeds into their own development within seven years.

“The government approved the draft law of the Ministry of Finance of Russia on the zeroing of VAT on ship repair work,” the report says. Telegram Ministry of Finance.

As Prime Minister Mikhail Mishustin said during today’s government meeting, the fiscal benefit will apply only to those enterprises that are engaged in the restoration of ships in docks and shipyards. “As a result, businesses will be able to use the saved funds to increase their investment opportunities and invest more in long-term projects,” the prime minister believes (quoted by Interfax).

In January with this bill got acquainted “b”. The document assumes that an enterprise applying for zero VAT is obliged to conclude an investment agreement with the Ministry of Industry and Trade and the Ministry of Finance for the development of its capacities for a period of seven years. In case of termination of the contract, VAT for previous periods will be charged.

Read more about the bill – in the material “Kommersant” “Ship repair will save on taxes”.

Andrey Sapozhnikov