The Russian government announces new measures to support the IT industry

At a government meeting, Russian Prime Minister Mikhail Mishustin announced the decision to support the domestic IT industry and informed about the new measures, namely tax preferences, grants and soft mortgages.

Tax preferences will be extended to mobile application developers and organizations involved in the implementation, installation and testing of domestic solutions. For three years, all IT companies will be exempt from the income tax payment and inspections by regulatory authorities. They will be provided with soft loans on favourable terms at a rate not exceeding three per cent.

Employees of IT-companies will be able to apply for a preferential mortgage and receive a deferment from military service for the time of their work in Russian companies. The government will expand the grant programme to create domestic solutions. Mishustin instructed the Ministry of Digital Development to promptly prepare all necessary documents for companies to benefit from the new support measures as soon as possible.