Tatarstan has adopted a law to stimulate the hotel business
The State Council of Tatarstan has amended the law "On Corporate Property Tax", according to which new hotel facilities in the republic will receive a tax benefit.
The document prepared by the Cabinet of Ministers of Tatarstan was presented to the State Council by the Minister of Economy of the Republic Midkhat Shagiakhmetov.
The 0.1% tax rate will be applied to hotels with 50 or more rooms of at least three-star category, built from January 1, 2024 to December 31, 2026.
Midhat Shagiakhmetov stressed that the law is aimed at stimulating the hotel business and increasing the number of rooms in the republic, including ensuring the holding of significant international and interregional events for the country.
According to the minister, the measure will attract large investors to the republic who will be interested in investing in hotels of the necessary level of comfort and equipment required to receive distinguished guests, including foreign ones.
The tax benefit will be valid for 10 years, starting on the 1st of the month following the month in which the specified facility is put into operation.