Russia’s President Signs Law on Free Economic Zone in Crimea

Russia | December 1, 2014, Monday // 07:47|  views

Russian President Vladimir Putin, photo by EPA/BGNES

Russian President Vladimir Putin has signed the law on the creation of a free economic zone in Crimea. 

The free economic zone is created for a period of 25 years, with the possibility for further extension, according to reports of ITAR-TASS.

The law envisages a range of incentives for investors, including tax breaks, a preferential customs regime, and a simplified mechanism of state regulation.

The law provides for the exemption from property taxes for a period of 10 years, and land taxes for 3 years, as well as lowered agricultural land taxes, reduced corporate income taxes, and reduced contribution requirements for employees’ social insurance, medical insurance and pensions.

Under the law, large investors are granted duty-free importation of goods, components and equipment necessary for the creation of new projects on the territory.

Investors will be able to supply their products to the Eurasian Economic Union.

The law, which aims to boost investments in the spheres of agriculture, tourism, processing industry, logistics and shipbuilding, is to enter into force on January 1, 2015.

The law passed third reading at the State Duma on November 21 and on November 26 it was approved by the Federation Council.

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Tags: Russian President, Vladimir Putin, Crimea


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