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11 July 2022

Gazprom-Media Holding announces key initiatives for development of creative industries in Russia

Russian Creative Week (RCW) included a meeting of representatives of RCW professional guilds “Safety of Creative Industries under Sanctions and Cancellation Policy”. The parties devoted the dialogue to overcoming existing barriers in the creative business: how to give it access to private financing, new collaborations and business models.
Yulia Golubeva, Deputy General Director of Gazprom-Media Holding, explained how the pressure of Western countries affects the development of Russian creative industries and what support measures are needed to develop the sector today.

With the ongoing departure of major foreign studios and media companies from Russia, domestic content producers have a unique opportunity to occupy the vacated niches. That is the main motivation for creating our own in-demand products. However, the industry needs systematic support from the government to develop.
Yulia Golubeva Deputy General Director of Gazprom-Media Holding

Gazprom-Media Holding is formulating a number of timely initiatives that will contribute to the development of the industry. They include:
•    Reducing the amount of insurance premiums for subjects of creative entrepreneurship to the level of insurance premiums in IT-companies
•    Cancelling the payment of VAT for transactions related to exclusive rights to all types of intellectual property, including the unification of circulation of intellectual rights of all kinds
•    Implementing an increasing coefficient to account for certain costs at enterprises that use intellectual property rights under copyright protection in its production process
•    Providing indefinite exemption from income tax on intellectual property
•    Providing the exemption from insurance premiums on compensatory (fair) remuneration with the use of objects under copyright and related protection, as well as proprietary works, inventions, utility models and industrial designs
•    Reducing the tax burden on the infrastructure of creative industries
•    Reducing VAT for online movie theaters and subscription services
Such benefits will really help support and develop the creative industry today, as it happens in the IT-sector, summarized Yulia Golubeva.