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MIL OSI Translation. Region: Russian Federation –

10/18/2021

The legislation will be amended to provide for the operation of new enterprises in the Kuril Islands under special tax conditions. Such an order was given by Russian President Vladimir Putin following the results of the plenary session of the Eastern Economic Forum, according to the Kremlin’s website.

Speaking at the Eastern Economic Forum, Putin said that the Kuril Islands will create an unprecedented set of benefits and incentives for business, including 10 years exemption from key income and property taxes, land and transport taxes, and VAT.

According to the instruction, reduced rates of insurance premiums in the amount of 7.6 percent, as well as a free customs zone regime, will be applied to such organizations for ten years.

It is noted that the regime will not apply to organizations that provide intermediary services, as well as carry out activities related to the receipt of passive income, the production and processing of excisable goods, the extraction of hydrocarbons and their processing and the catch of valuable biological resources.

The order must be executed before August 1, 2022.

A source: Parliamentary newspaper

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EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.

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