Russia Looks To Woo Tech Companies As Oil Lags

Russia is looking to woo technology companies by giving firms annual tax breaks worth more than US$1.1 billion as it aims to diversify its oil export-dependent economy after the second price crash in four years. Russia’s government proposed this week amendments to the Russian tax laws, in order to create a more favorable tax regime for IT companies and start-ups.   The development of the IT sector will allow Russia to lessen the dependence of its economy on energy resources, Russian Finance Minister Anton Siluanov said at a cabinet meeting…