Russian President signs Law on tax exemptions and preferences for aquaculture

President Vladimir Putin has signed a federal law that establishes value-added tax benefits for aquaculture, reports Megafishnet.com.

The fact has become known as the Federal Law No. 308 of July 2, 2021 "On Amendments to Articles 149 and 164 of Part Two of the Tax Code of the Russian Federation" has been officially published. The federal law will come into force on January 1, 2022.

The sale (transfer for own needs) of breeding fish, embryos, and juveniles obtained from breeding fish on the territory of Russia shall now be exempt from VAT. Such a preference is already provided for animal husbandry, now it has been extended to aquaculture.

The new federal law also equalizes the value-added tax rate for the sale of live trout: now the rate will be 10% for both sea and freshwater forms, whereas up to now it was 10% for sea trout, and 20% for the freshwater variety.