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The Governor of St. Petersburg signed the law on Tax Relief for support of IT-sphere

The law of St. Petersburg “On Amendments to the Law of St. Petersburg “On Tax Relief” for the support of IT-sphere was adopted in Smolny.

The law prepared by the Committee of Economic Policy and Strategic Planning of St. Petersburg, proposed tax incentives to individual sectors of IT industry. In particular, companies investing in setting up or upgrading of data centers, and implementing export of software, might obtain tax benefits.

The law signed by the Governor of St. Petersburg, offers to reduce in the rates of regional taxes to an absolute minimum for these IT companies (tax rate will be to 12, 5 percent in 2018-2020, and further, will be 13, 5 percent).

In addition, the companies had invested in size from 500 million rubles in creating and modernization of data centers, while should have minimum 70 percent of total income.

The companies are involved in exporting software outside the country, while the share of exports shall be at least 70 percent from the revenues, and 90 percent of company’s revenues shall be occur in the business “Develop computer-based software, consulting IT services and other accompanying services”.