Medical Devices Tax News, October 2010 - Federal Law "On Innovation Centre Skolkovo"

On 28 September 2010, Russian President Dmitry Medvedev signed the Law on the Skolkovo Innovation Centre (the "Centre") as well as amendments to existing legislation in connection with the adoption of the new law.

Participants in the project will enjoy significant benefits, including tax benefits. Medical technologies - developing equipment and new medications is one of the areas of research hosted by the Centre. It makes sense for companies engaged in research activities to closely examine the advantages of participating in the project, as well as the required conditions for becoming a project participant.

To help understand the potential benefits for companies operating in the medical devices industry, we have summarised a few points of interest answering questions around: How will the research Centre be organized? Who can participate in the project? What's the process for recruiting foreign employees? What tax benefits will the project offer? What customs benefits will the project offer? What are the accounting rules? What should you expect at this stage?