IN BRIEF - Putin signed a law accelerating the receipt of tax deductions for fishermen
RUSSIAN FEDERATION
Wednesday, February 28, 2024
Russian President Vladimir Putin signed a law allowing for faster receipt of tax deductions for fees for the use of aquatic biological resources.
Changes to the Tax Code of the Russian Federation will make it possible to apply the deduction not a year after the development and processing of aquatic biological resources, but after the extraction or catching of aquatic biological resources and the production of products with high added value from them. At the same time, funds within the established amount of the deduction will be retained in the circulation of fish producers - payers of the collection.
Vladimir Putin and Sergei Mitin
“Companies could receive such a deduction only in the third year after processing the catch. Now this period will be shortened. It will be possible to apply for the deduction based on the results of the extraction and processing of biological resources and apply it when applying for the next permits. The transfer of unused deductions to the next year also continues,”Sergei Mitin, First Deputy Chairman of the Federation Council Committee on Agricultural and Food Policy and Environmental Management, commented on the document.
In addition, restrictions on the one-time use of the deduction within 2 years by fee payers are eliminated. And the period for applying the deduction is 2 calendar years, according to the new law.
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Author: Nathan Strout / SeafoodSource | Read the full article here
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Author: Vince McDonagh / Fish Farmer | Read the full article here
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