The Ministry of Finance allowed a reduction in the tax burden in strategically important industries

Reducing the fiscal burden and tax incentives for certain industries that are of strategic importance for the development of the economy is the best strategy in the face of limited resources, said Secretary of State, Deputy Finance Minister Alexei Sazanov at the Vedomosti conference “Tax Results of the Year”.

In the tax area, steps have been taken in recent years that clearly contribute to strengthening Russian economic sovereignty, Sazanov recalled, when asked how tax policy can help achieve technological independence. In particular, reducing the burden on the radio electronics sector, the IT industry, small and medium-sized businesses, which act as a diversified base of both demand and supply, the Deputy Minister listed. In addition, preferential regimes have been created that create additional incentives for investment and contribute to import substitution in critical industries, namely the mechanisms of agreements on the protection and promotion of capital investments (SZPK) and special investment contracts (SPIC), he added.

“In conditions of limited resources, the continuation of such a policy is the best strategy in my opinion,” Sazanov said. At the same time, it is impossible to achieve absolute sovereignty, at least if we understand it literally – as the satisfaction of demand entirely through domestic supply, he believes.