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The Ministry of Industry and Trade proposed to reduce taxes for Russian electronics manufacturers

The Ministry of Industry and Trade proposes new measures to support Russian electronics manufacturers. According to Kommersant , the ministry has submitted a proposal to reduce income taxes and insurance premiums for interdepartmental approval. Although such measures were already supposed to be taken from 2023, in the light of recent events, it is expected to start the process earlier.

According to the source, on March 1, the Ministry of Industry and Trade sent a letter to the Ministry of Finance, the Ministry of Digital Development, the Ministry of Economy and the Federal Tax Service, in which it is proposed to extend the tax maneuver provided for the IT sector to electronics manufacturers with preliminary interdepartmental coordination of the initiative. In particular, it provides for a reduction in insurance premiums to 7.6%, and income tax – up to 3%. This is intended to mitigate the effect of foreign sanctions imposed on the industry.

It is known that tax incentives in the country are already in effect, but only in relation to a limited number of centers engaged in the development of electronics. As stated in the explanatory note to the document, “Russian manufacturers of electronic component base may become especially vulnerable in the new conditions, since today many microelectronic enterprises already operate under the sanctions regime” .

In the light of recent events, Russia has faced the fear and unwillingness of certain foreign semiconductor manufacturers to continue further cooperation. In particular, TSMC announced the suspension of work with Russian partners. Now the country is looking for opportunities to “diversify supply chains” of electronic components.

It is expected that the amendments to the existing regulations will come into force one month after their official publication.



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