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Benefits to be granted for investments in cultural heritage sites in Saint Petersburg

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Benefits to be granted for investments in cultural heritage sites in Saint Petersburg

Owners of historical buildings in the Russian city of Saint Petersburg will be granted tax privileges when investing in cultural heritage sites’ preservation activities, the city’s governor, Georgy Poltavchenko, said at the Investment Forum.

“Preservation of the unique historical heritage of Saint Petersburg remains an invariable priority of the city’s investment policy,” he said.

Georgy Poltavchenko added that, in order to attract new investments in renovation and reconstruction of Saint Petersburg’s cultural heritage sites and their adjustment to the present-day usage, a legislation introducing amendments into the tax privilege law is being agreed now.

According to him, the new legislation envisages introduction of corporate property tax’s privileges for the owners investing up to 500 million roubles and more over the course of three consecutive years in activities related to conservation of cultural heritage sites of both regional and local significance located in Saint Petersburg.

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