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Russian Ulyanovsk exempts textile sector from property tax
Feb '14
Textiles and clothing enterprises of the Russian region of Ulyanovsk are being exempted from tax on property, owing to an initiative undertaken by the Governor of the region Sergey Morozov.
According to a statement issued by the government of Ulyanovsk, Governor Morozov announced the regional law for exemption of tax on property for textile and clothing enterprises in Ulyanovsk, during an event held recently in the Melekessky district of the region.
The tax exemption on property would be valid until January 1, 2017, and as per the law the tax rate on business property for textile and clothing sector of the region has been fixed at 1.1 percent of taxable value of the property. 
According to the Ulyanovsk government, by the implementation of the law around 10 million rubles of these enterprises would be saved which could be utilized by these firms for expansion and upgradation processes.
Textile and clothing enterprises of Ulyanovsk can use the funds for modernization of their existing production centers, purchase of new equipments, as well as implement energy saving measures to improve working environment of the production facilities.

Fibre2fashion News Desk - India

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