ICF 2021 discussed investment and social benefits administered by the customs authorities

The round table “Benefits and Preferences: Development for Business, Investments for the State” was held within the framework of the International Customs Forum.

The participants discussed the impact of investment and social benefits administered by customs authorities on establishing attractive conditions for the development of industries and other economic spheres, as well as achieving the goals of state programs and social-economic policy of the Russian Federation.

“Today, the customs authorities of Russia administer more than 130 types of benefits for the payment of customs duties, taxes and customs duties. 46% of all existing benefits are incentive, investment benefits, which are primarily aimed at increasing the economic activity of businesses. 20% of benefits are of a social nature and are aimed at supporting the population. Today, on average, about 35% of all foreign trade participants who are engaged in foreign trade operations enjoy the right to a benefit,” said Elena Yagodkina, Deputy Head of the Federal Customs Service.

She also added that every year more categories of people started enjoying these benefits. “We distinguish 7 types of investment benefits in various industries, but the most popular and relevant one is the benefit provided when importing process equipment, having no analogues produced on the territory of the Russian Federation; its import into the country is not subject to value added tax”, Elena Yagodkina noted emphasizing the share of such equipment accounted for 78% of all investment benefits that last year, and this amount is growing every year.