Moscow Business Saves 38 Billion Rubles in Five Years

Over the next five years, the Moscow business will save about 38 billion rubles due to the transition period for corporate property tax, the Moscow Mayor official website reports. 

It is noted that in 2019, the maximum tax rate, equal to 2 per cent, began to operate. Then, a law was passed to extend the transitional period by 4 years. As a result, in 2019, the tax rate was 1.6 per cent and will reach 2 per cent by 2023.

Since 2014, capital organizations have been paying property tax at the cadastral value. In 2014 the rate was 0.9 per cent, while by 2018 it had grown to 1.5. It became possible to keep track of the real value of objects, and this makes the taxation conditions fair.

Thus, the competitive environment is improving in the city, which in turn leads to an increase in Moscow budget revenues. Over 6 years, the growth of property tax revenues to the budget amounted to 47 billion rubles.

Ru-Main, 16.03.2020

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