Russia lowers tax on large bizjets

 - September 26, 2007, 10:43 AM

The Russian government has halved the import tax on large business jets from 20 to 10 percent. The country’s Ministry of Economic Development and Trade confirmed the duty reduction in late August and announced that initially this will apply to aircraft weighing between 15 and 20 metric tons (33,068 to 44,091 pounds). The import duty reduction will cut approximately $2.2 million from the cost of importing a new Gulfstream G200, for example. The ministry has also indicated that it intends to extend the tax break to smaller business aircraft and eventually scrap the import duty on foreign aircraft altogether.