Duma Committee on Budget and Taxes Deputy Yevgeny Fyodorov of United Russia recently said there is a new bill that will soon freeze business taxes for the next seven years.
Freezing taxes is commonly used throughout the world to protect national and international investors from losing money due to legislation changes. Now political changes and pressure from within and without the country will no longer alter the value of investments.
The bill will allow time for Russia and its businesses to build up a reserve of federal taxes for the future.
The bill should encourage economic growth in Russia. Such changes will place Russia up to speed with the rest of the global economies that face modern challenges, such as the global economic recession that affects all nations.
Statistics show that local investments in Russia were at approximately $272 billion U.S. and have decreased by 0.2 percent from 2012 to 2013.
Experts estimate that local investments will regain the lost 0.2 percent in 2014.
The bill will go into place after the last tax regime updates. Fedorov said he sent the bill to the government. Officials reported that they approved of the bill.