Russia cuts VAT on breeding cattle - leatherbiz: Leading news site for Leatherbiz

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Russia cuts VAT on breeding cattle

07/07/2016
Russian President Vladimir Putin has abolished the 10% VAT rate on breeding cattle and breeding material until January 2021, according to local media reports. 

Representatives of the government said the move would support the country’s meat and dairy producers and allow them to inject extra investment into their business.

Arkadi Ponomarev, a Russian member of parliament, said the country’s cattle breeding sector is struggling and that the tax reduction would likely improve the situation. He added that it would also help increase Russia’s beef production.

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