Vladimir Putin signs law on zero VAT for ship repair yards
The law comes into force on 1 July 2023
Russian President Vladimir Putin signed the bill on zero VAT for ship repair yards into law on 24 June 2023. The document has been published on the official portal for legal acts today, June 26.
The State Duma of the Russian Federation approved the bill on setting a zero VAT rate for ship repair companies on 20 June 2023, the CFederation Council – on June 21.
The law comes into force on 1 July 2023.
The introduces amendments into Part 2 of the Tax Code foresee a zero VAT rate for ship repair yards engaged in dock and yard repair of ships if they allocate at least 20% of revenues for the development throughout a 7-year period.
As of today, zero VAT is applied to services (including ship repair) covering sea-going vessels, inland navigation vessels and vessels of mixed sea/river class and provided in ports as well as pilotage, classification and certification services. VAT of 20% is applied to ship repair conducted in docks and at shipyards and repair of vessels that are not decommissioned and placed at the berths of shipyards, not ports.
The 1st Ship Repair, Modernization and Components Conference gathered about 1,000 in-person and online participants - Full video of the Conference is available here>>>>
The 2nd Ship Repair, Modernization and Components conference will be held by PortNews Media Group in Saint-Petersburg on 18 September 2023, as part of the NEVA Exhibition zero day programme. Read more >>>>
