Yandex, Ozon and Wildberries Asked for Support, as for the IT Industry

Yandex, Ozon and Wildberries Asked for Support, as for the IT Industry
Photo: https://corp.ozon.com/tpost/zb31urfby1-bloomberg-ozon-targets-one-third-of-boom 25.03.2022 246

According to Interfax, three Russian Internet trading platforms asked the government to extend the support measures for online trading, which the President of Russia approved for the IT-industry on March 2. 

The IT-business was granted zero income tax until December 31, 2024, the opportunity to receive concessional loans at a rate not exceeding 3% for the current activities and implementation of new projects. The president instructed to release some companies from tax and currency control and other types of supervision for up to three years. 

Marketplaces are logically considered IT companies, as their stable operation is primarily related to the stability of the technological infrastructure, the press service of Yandex.Market told Interfax. 

"Amid the worsening financial and economic situation, online commerce is facing serious challenges: a sharp increase in operating costs, logistics, purchasing, and reduced availability of debt financing. Online trading companies in Russia support small and medium-sized businesses, for which marketplaces are the most effective, and often the only sales channel", 

said the press service of Wildberries.

Ozon noted that "the decline in activity of Russian e-commerce companies could affect small and medium-sized businesses, for which the marketplace is the most effective sales channel”.

The companies also propose to solve the problem of double taxation of VAT of goods of Russian Internet retailers in Kazakhstan and Belarus. Ozon, Wildberries and Yandex point out that Kazakhstan and Belarus are "only two countries in the world that are subject to double VAT when selling goods remotely," which significantly limits the potential of exports to these countries through online commerce.

In addition, Internet companies offer a number of measures that would minimize the risks from the suspension of the Visa and Mastercard payment systems. 

Source: Interfax

digital markets  Russia 

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