AGC BSZ may receive tax incentives for 127.6 million rubles under the modernization project

AGC BSZ may receive tax incentives for 127.6 million rubles under the modernization project

The Nizhny Novgorod Region plans to provide OJSC AGC Bor Glass Factory (AGC BSZ, Bor, Nizhny Novgorod Region) with tax incentives for 127.6 million rubles on the project for the reconstruction of a polished glass production line, the ministry told Interfax economic development and investment in the region.

The benefits, the official of the department specified, will be provided during the period of the investment agreement - from the date of entry into force of the law of the Nizhny Novgorod region on the approval of the investment agreement until June 30, 2026.

The term of the project is 2019-2021. The grand opening ceremony of the reconstructed polished glass production line is scheduled for August-September 2021.

Earlier it was reported that the council for development strategy and investments under the governor of the Nizhny Novgorod region this week decided to assign a priority status to this project, which will allow the company to receive state support in the form of property and profit tax benefits.

The investments of AGC BSZ in the reconstruction of the polished glass production line (LPS-1) exceed 3.3 billion rubles. As part of the investment project, a number of facilities of the enterprise were modernized, including a glass furnace and an annealing furnace. Its implementation will improve the quality and expand the range of products, as well as double the production of polished glass - by 550 tons per day. The line plans to produce 93.7 thousand tons per year of colorless glass and 54.9 thousand tons per year of colored glass. It is assumed that the products will be used as raw materials for the manufacture of automotive glass supplied to the conveyors of Russian car factories.

AGC Bor Glass Factory is a large manufacturer of polished and automotive glass. The plant is part of the Asahi Glass Co. Ltd (Japan, the world's largest glass manufacturer). AGC Glass Europe owns 98.47% of the authorized capital of JSC AGC BSZ.

The granting of the status of a priority investment project is regulated by the regional law “On state support for investment activities in the Nizhny Novgorod region”. State support under this law involves the provision of benefits for income tax and property tax, subsidizing the cost of paying interest on loans from commercial banks and the cost of creating engineering infrastructure for agricultural organizations.

Source: Interfax

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