According to the head of the Ministry of Industry and Trade Denis Manturov, this will happen if an investment agreement is concluded, provided that the profits received are invested in modernization, thus creating a new industry
The Ministry of Industry and Trade of the Russian Federation, together with the Ministry of Finance, have found an opportunity to cancel VAT for ship repair companies in the event of an investment agreement, provided that they invest their profits in modernization, thus creating a new industry. This was stated by Deputy Prime Minister, Head of the Ministry of Industry and Trade of the Russian Federation Denis Manturov at a meeting on the development of the shipbuilding industry with Russian President Vladimir Putin.
“In addition to the construction of new vessels, it is necessary to solve the issues of repair and maintenance of equipment in parallel. Taking into account your instructions, Vladimir Vladimirovich, together with the Ministry of Finance, we have found a solution to zero VAT on ship repair, but on condition that we conclude an investment agreement with enterprises on the terms of investing the profits in modernization and, in fact, the creation of a new industry,” Manturov said.
Relevant amendments are being prepared to the Tax Code, the Deputy Prime Minister added.
Earlier, Manturov stated that in order to ensure the repair of civilian sea and river vessels in Russia, it is necessary to create economic conditions. In addition, according to the Maritime Doctrine approved by the President of the Russian Federation at the end of July, the priority areas of Russian shipbuilding are the development and maintenance of the construction of warships, military auxiliary, transport, fishing, research and other civilian vessels, civil marine facilities equipped with equipment of domestic production and maximum localization of shipbuilding in the Russian Federation.