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MIL OSI Translation. Region: Russian Federation –

First Deputy Prime Minister Andrey Belousov held a meeting with the regions on the launch of a new investment standard.

Deputy Head of the Treasury of Russia Alexander Demidov briefed the heads of regions on the future interface of the register of investment projects. The administrations of the constituent entities and businesses will have to work in it, introducing investment projects and forming the region’s obligations to provide support in the form of an investment tax deduction (INV).

“Regions whose investment projects are included in the register of the Treasury will be able to apply for an INV subsidy. This will provide the state with a predictable increase in liabilities. In order to start distributing budget money, this system needs to be launched in pilot mode in the summer,” Andrey Belousov noted.

Nonna Kagramanyan, Vice-President of Delovaya Rossiya, clarified the dates for business associations to verify compliance with the investment standard. 12 regions started implementation in 2021. Another 30 have joined the new standard in 2022. Until the end of November, expert pools will evaluate the results of the work of local authorities.

“It is important for us that the experts are not controllers who put triples with a plus of the executive power. Business associations are at the forefront of the process of forming the rules of the game for the investor in the region. They can give the local administration a real mechanism for attracting entrepreneurs and help create a community of investors who develop the region,” Andrey Belousov emphasized.

Also at the meeting, the date for the start of training for regional teams was specified. It starts on March 28 under a special program developed by the RANEPA. 25 people from 42 regions will be trained this year. They will be taught how to organize the work of the elements of the regional standard, improve financial and investment literacy, and help solve real problems in organizing work with business.

The meeting was attended by representatives of 42 regions, Delovaya Rossiya, the Ministry of Economic Development, the Ministry of Finance and the Treasury of Russia.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

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