The communists staged a dispute in the State Duma over the law on tax breaks for Hong Kong
The State Duma ratified the Russian-Hong Kong Agreement on the avoidance of double taxation with Hong Kong, a special administrative region of China.
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“This measure will allow Russian borrowers to reduce the costs of attracting and servicing loans from Hong Kong banks,” noted Deputy Minister of Finance of Russia Yuri Zubarev.
The bill raised objections from communist Vladimir Fedotkin.
“I would like to remind you that over the past 3 years, our budget investments in fixed assets in Russia have decreased by more than 200 billion rubles. But in general, investments in the Russian economy fell... in 2015 - 40 times.
Don't you think that the government's more correct policy would be to keep its money in Russia rather than go? We lose ours, buy yachts and palaces abroad... I think this is a mistake.
And the second question. We expect investments from Hong Kong, where will they go, mainly again to oil and gas production? But, in my opinion, there is no country on earth to whom we would not impose our oil and gas,” said the communist.
In response, Yuri Zubarev pointed out the need to create conditions for both domestic and foreign investment.
“As for where the attracted resources will go, these resources will be attracted for specific projects. Those companies that provide specific projects will develop these specific projects, and they will attract these resources from Hong Kong banks.
Therefore, in this case, it cannot be said that only in oil refining or in the oil industry, or only in the oil industry. It depends on profitability, on the attractiveness of a particular project,” the official said.
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