MOSCOW: Russia plans to incentivize domestic sales and also value-added production for export by giving tax breaks, said Ilya Shestakov, the country’s fisheries minister.
The country plans to” amend its tax code for companies using natural resources” so that those processing for the domestic market, or producing value-added products for export, get a big benefit, said Shestakov, the country’s fisheries minister.
Companies exporting raw material, which many Russian firms do, in the form of headed and gutted cod, haddock and pollock, will pay “100%” of the tax, said Shestakov, during a press conference at the Brussels seafood show.
Under Russia’s “investment quotas” plan, under which 20% of the quota will be shaved off and allocated to companies investing in new vessels and plants, $2 billion will be invested in the industry over the next five years.
There will be 33 new vessels built and “18-20 new processing factories”, most of them in the west, for cod and haddock. However, Russian Fishery Company has announced it plans to build a plant for pollock and Pacific herring in the Far East.
