Krasnodar, 30 March. The VAT for hotels will reportedly be zeroed. This measure will raise the attractiveness of the tourist industry for investors, the Kuban Regional Administration announced last week.
“The VAT rate currently applied in the Russian tourism and hospitality industry is one of the highest worldwide – 20%. Its setting to zero is very important news for the region’s recreation industry,” Governor Veniamin Kondratiev said. “This support measure will contribute to accelerated development of the [tourism] sphere, which is especially important now, when the demand for domestic tourism is growing. In Krasnodar Krai, there are about 10,500 lodging properties, which is more than wherever else in Russia. I am confident that owing to this tax holiday, the tourist sector will become more attractive for the investors, and we will get new comfortable hotels and new jobs,” Mr. Kondratiev stated.
He noted the importance of the fact that the 0% rate will spread on both new and existing properties. For the investors involved in the construction and rental of tourist facilities, the zero rate of VAT will be valid for five years after the commissioning, including reconstruction. For the owners of existing hotels, the tax holidays will remain in force until 30 June, 2027.
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