New inducement for Avtoframos

New inducement for Avtoframos

RBK – Moscow City Council has made a change in the act, regulating the income tax taken from car manufacturers operating in the city. While the tax rate stated in the aforementioned act remained unchanged (13.5%), due to the negative trend in the market, the time limits on the realisation of the compulsory investments have been relaxed. Thereby, Avtoframos factory, manufacturing Renault brand automobiles in Moscow, has obtained the opportunity to save 25% of the amount planned to be allocated for modernisation works in 2014.

According to the agreement signed between the Moscow city administration and Avtoframos last year, the factory is under the obligation to invest a total amount of 21 billion rubles in modernisation within the 2013-2020 period. In return, Avtoframos has the right to benefit from several tax cuts.