For the purposes of technological renovation and upgrade of priority machine-building industries the mechanism of subsidizing interest rates on loans obtained for technological upgrade is used as provided for in the federal law of 24 July 2007 № 198-FZ On the Federal Budget for 2008 and the Planned Period of 2009-2010.
Provision of the above subsidies is regulated by government decree of 16 February 2008 № 90 and 92.
The federal law on the federal budget provides for:
• Subsidies to Russian leasing companies of partial reimbursement of expenses for interest on loans received in Russian credit institutions in 2008-2010 for purchase of aircrafts of local production
• Subsidies to Russian air companies of part of the expenses on leasing payments for aircrafts of local production received by Russian air companies from Russian leading companies
• Subsidies to Russian transport companies and ship companies on reimbursement of part of expenses to repay lease payments under lease agreements concluded in 2008-2010 with Russian leasing companies for purchase of civil ships manufactures in Russian wharfs,
• Subsidies to Russian transport companies and ship companies on reimbursement of part of expenses to repay interest on loans received in Russian credit institutions in 2008-2010 for purchase of civil ships manufactures in Russian wharfs in the amount of RUB 0.6 bln.
In order to attract investments to the technology sector, territories with special business incentives (“special economic zones”) have been created in Russia from 2005.
There are 16 residents in industrial production SEZs and 99 in technology implementation SEZs.
There is a simplified procedure of land plot allocation in SEZs and a special regime of free customs zone, as well as a number of tax privileges provided for SEZ residents.