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10:29 | Aug 06 | 2014

Government to exempt investors in Far East from taxes

 At the meeting of Russian President Vladimir Putin with members of the government, Alexander Galushka, Minister for Far East Development briefed on the progress with the territory of advanced development (TAD).

He said that his Ministry have reviewed over 400 applications for becoming a territory of advanced development. The main selection criterion was the investment attractiveness of the sites for placing new facilities, oriented to the Asian-Pacific markets. In total, they have chosen 14 sites.

“CEOs of the leading Korean companies Samsung, Lotte, LG, Daewoo and CEOs of major Japanese companies Sumitomo, Kawasaki, Hitachi, Mitsubishi, Mitsui have expressed their interest in the TAD projects,”  — лично высказали интерес к проектам в территориях опережающего развития», — the Kremlin Press Service quote the Minister as saying.

The Minister also reported that they have designed a draft law on taxation benefits: “The insurance fees at 7.6% for the investors coming during the first three years of a TAD for 10 years of their operation therein; the tax holiday for income tax, tax on land, mineral extraction tax; more simple and faster procedure of VAT reimbursement”.

Yakut Sakha News Agency