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General issues of taxation, customs duties, currency transactions, certification and registration are determined and stipulated by the legislation of the Russian Federation, of which the Udmurt Republic is an integral part.
In general, the Russian Government pursues the policy of creating equal business conditions for the national and foreign legal entities or investors.
However, foreign investors may use the following privileges:
- technological equipment or other property, imported in the territory of the Russian Federation as a contribution of foreign investors to the authorized fund of their enterprises, is exempted from VAT and customs duties (Russian Government approved the list of equipment to which the above privilege applies).
Being a region of Russia, the Udmurt Republic has the right to adopt its own regional legislation at an extent, determined by the Constitution of the Russian Federation and federal laws. Thus, Udmurtia can reduce tax on profit, paid by the companies to the republican budget.
The Government of the Udmurt Republic takes comprehensive measures to provide for economic stabilization and investment growth. Existing federal, republican and city legal acts stipulate guarantees and tax privileges for investors.
Currently legislation provides for the legal support to the investors and favorable environment for the development of investment activities by means of:
- stimulating investments with tax privileges and tax exemptions in accordance with the legislation of the Udmurt Republic;
- protecting the interests of national investors abroad and foreign investors in the republic through the signing of international agreements and treaties;
- granting privileged loans and credits on the basis of tender in accordance with the Regulation on the tender for investment projects to induce investments of the Udmurt Republic;
- granting guarantees of the Udmurt Republic on the basis of tender in accordance with the legislation on the granting state guarantees for credits and loans;
- providing visa support to the foreign entrepreneurs interested in the investing in the economy of the republic;
using mortgage fund of the Udmurt Republic in crediting and financial leasing;
- assisting investors in acquiring customs privileges;
- granting other non-financial privileges, assisting in setting up business infrastructure, in renting land and facilities owned by the Udmurt Republic.
Investment legislation of the Udmurt Republic:
- Law ¹7-P3 of 5.03.2003 "On the state investment policies of the Udmurt Republic";
- Law ¹8-P3 of 5.03.2003 "On the tax privileges pertaining to investment activities";
- Law ¹196-II of 20.06.2000 "On the budget for development of the Udmurt Republic";
- Law ¹690-I of 20.10.98 "On realization of investment projects at the objects of special significance in the territory of the Udmurt Republic";
- Resolution of the Government of the Udmurt Republic ¹1188 of 29.12.97 "On the tender of investment projects to be financed from the republican budget";
- Resolution of the Government of the Udmurt Republic ¹451 of 28.04.1997 "On the state register of investment projects of the Udmurt Republic";
- Resolution of the Government of the Udmurt Republic ¹ 1187 of 29.12.97 "On granting guarantees of the Government of the Udmurt Republic".
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Investment legislation