The Administration of Rostov Region is planning to grant tax benefits to successfully operating companies, Fedor Shvalev, minister of Rostov Region Industry, said at the board session. An enterprise aspiring to a tax benifit should have sustainable profit and output growth and no delays in wage payments. The Administration is planning to grant to such enterprises a 50% profit tax allowance, and 50% income tax allowance as long as the deductions to the regional budget are concerned. In addition to that, the enterprises of chemistry and metallurgy will be given a discount in electric energy tariffs, which will be lowered to the level of the Federal Wholesale Electric Energy Market of the Russian Federation. These steps will allow the companies to increase their wage funds by 40% and thereby also the income tax payments that is the principal income source for the regional budget ($164m), according to the minister.
Chinese President Xi Jinping warned his new US counterpart Joe Biden not to push Europe into an alliance against Beijing