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27 Feb, 2023 06:40

Russian IT industry expanding – official

Government support has facilitated tech sector development, says deputy PM
Russian IT industry expanding – official

Revenues of Russian IT companies grew by 35.3% last year in annual terms to more than 2.3 trillion rubles (over $30 billion), Deputy Prime Minister Dmitry Chernyshenko revealed this week. 

Commenting on Russian President Vladimir Putin’s message to the Federal Assembly earlier in the day, Chernyshenko said the average monthly salary in the IT sector was up by 16.4% when compared with 2021, and now stands at over 124,000 rubles ($1,657).

“The president drew attention to the effectiveness of IT support measures and announced the decision to extend them to high-tech industries. Such measures have become a factor in the growth of the information and communication technology sector, the development of domestic digital products, and an increase in the number of IT companies,” Chernyshenko said, as quoted by his office.

Putin announced on Tuesday that Russian companies could reduce income tax payments if they purchase advanced domestic IT solutions and products using artificial intelligence. For every ruble invested by a company in the purchase of these products, there will be a tax deduction of 1.5 rubles, Putin explained. The Russian leader instructed the government to draw up proposals for a list of such equipment based on the industries in which it is used, and on the procedure for granting benefits.

For more stories on economy & finance visit RT's business section

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