Tax Incentives for Heavy Machinery Manufacturers: Changes in VAT Regulations from August 20, 2024

• Manufacturers of heavy machinery products will receive VAT preferences
• Special conditions for VAT payment for products with a production cycle of over six months
• List of eligible products approved by the Russian government
• Additional seven positions to be added to the list in October 2024
• Taxpayers must keep separate records for products eligible for VAT preferences
• Required to submit contract with buyer and other documents confirming the long production cycle

Source: garant.ru

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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