Sverdlovsk Region Legislative Assembly to Consider Bill on District Akademicheskiy

UrBC, Yekaterinburg, December 13, 2019. Sverdlovsk Region Legislative Assembly Council confirmed the agenda for this year's final sitting. One of the points the deputies will be looking into is setting up the 8th administrative district in Yekaterinburg (District Akademicheskiy). The draft bill to this effect was originally initiated by Yekaterinburg Duma.

'Two draft bills concerning Yekaterinburg will be considered. Yekaterinburg Duma's proposal to set up District Akademicheskiy of Yekaterinburg as an administrative unit will be worked through in three readings at the Legislative Assembly's next meeting,' says Chair at Sverdlovsk Region Legislative Assembly Lyudmila Babushkina.

According to the Assembly's press service, the deputies will also consider a draft bill on taxing corporations' property based on thesaid property's cadastral value.

'A bill on taxing corporations' property based on the assets' cadastral value will be considered in the second and third readings. To answer the questions we have been getting: the bill must be adopted by Sverdlovsk Region's authorities before the end of the year, otherwise this year's taxes will still be based on the federal rules. The work groups processing the draft bill at Sverdlovsk Region Government and Legislative Assembly, as well as members of the local business community, have suggested the tax rate of 1% of an asset's cadastral value or lower, depending on certain factors. The current tax rate imposed by the federal regulations is 2% for all types of companies. So, the Budget, Finance & Tax Committee will have to finalize the discussion and propose their list of amendments to the bill in time for the second reading,' Babushkina said.


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