Russian fishing industry will quickly receive deductions for the development of deep processing - SF

Regulation & Compliances

Published Mar 28, 2024

Tridge summary

A recent law enacted on March 26 significantly streamlines the process for fishing enterprises to secure tax deductions for deep processing of aquatic biological resources. Highlighted by Alexander Dvoinykh, this legislation allows for tax deductions to be obtained in the year following processing, a notable improvement from the previous three-year waiting period. The law has already led to the establishment of over 25 new enterprises and the modernization of ships with processing capabilities. Furthermore, it introduces a more flexible procedure for using the notification of confirmation for tax deductions, extending its validity to two years from the date of receipt. This legislative change aims to bolster the rapidly expanding fishing industry by enhancing cash flow and encouraging deep processing.

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Original content

Funds will be available the following year after the work is completed The law, which shortens the period for applying tax deductions for fishing enterprises for the development of deep processing and allows them to receive it as quickly as possible, came into force on March 26. One of the authors of the document, head of the Federation Council (SF) Committee on Agricultural and Food Policy and Environmental Management, Alexander Dvoinykh, told TASS about this. “Now it (tax deduction - editor's note) can be obtained already in the next year after the processing of aquatic biological resources,” the senator said, clarifying that previously this could only be done in the third year. As Dvoinykh noted, thanks to the law that allows receiving such tax deductions, there are already good results, in particular, more than 25 enterprises have been created, ships that also have a processing function continue to be modernized. The head of the Federation Council Committee recalled that the ...

Source: Specagro