Russian president offers tax incentives for use of domestic technology

Addis Ababa, November 25, 2022 (FBC) – Russian businesses that buy and embrace domestic IT solutions will be able to claim tax benefits starting from next year, the Russian President, Vladimir Putin, announced on Thursday at the AI Journey Conference.

He specified that businesses can take advantage of tax incentives and allocate additional funds for technological upgrades. This also applies to new developments in the field of artificial intelligence.

According to the president, introducing innovations should not be costly for businesses.

He also gave instructions on providing support to Russian manufacturers of cloud technologies, according to the report by RT.

Companies must have software and hardware tools and computing power in order to work with data and end-to-end digitalization of business processes, Putin stressed.

According to the president, special support mechanisms should be developed and applied as part of the federal project on artificial intelligence.

The Russian leader also stressed the need to promote the development of domestic cloud technologies, such as “various platforms and services that allow companies, citizens and authorities to use resources via the Internet, work in applications, store information, and perform calculations.”