TAX INCENTIVES FOR ENTREPRENEURS WILL BE PROLONGED TILL 2018

22nd October 2013

Reduced rate of taxation for non-trade small business will remain at 20% until the end of 2018. This law was adopted in the first reading today by state Duma.
In addition this document submitted by the government envisages the preservation of the overall rate of insurance contributions to the state funds for the main mass of the payer in the amount of 30% by 2016.

Reduced rate of taxation for non-trade small business will remain at 20% until the end of 2018. This law was adopted in the first reading today by state Duma.
In addition this document submitted by the government envisages the preservation of the overall rate of insurance contributions to the state funds for the main mass of the payer in the amount of 30% by 2016.

Today insurance contributions to Pension Fund make up 22%,  to the social insurance Fund (SIF) – 2,9%, the Federal Fund of obligatory medical insurance (FFOMS) – 5,1%. All this is charged from 624 thousand rubles annual income (in 2014).

The entrepreneurs for which preferential rate of tax is saved are included those who use the simplified system of the taxation – the individual entrepreneurs, social NGOs, charitable organizations as well as the pharmaceutical companies and individual entrepreneurs, who work on the patent system and apply Unified tax on imputed income.

According to the first Vice-President Vladislav Korochkin, benefits which are incorporated in the laws, in fact, is the recognition that the improvement of social contributions was a mistake.
«Any reduction in the burden on small business is the help and touch the tax system in terms of increasing the load is not necessary, as the competitiveness of this market segment decreases quickly», - he told to «RG».
In this situation it is short-sighted to excessively burden the business especially given the fact that today the borders of the Customs Union are open. So the bill has all the chances to pass three readings without changes, the expert believes.

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