Putin: Russia is creating a duty-free zone in the Kuril Islands to attract businessmen and investors

Posted:

September 3, 2021, 22:52 GMT

The Russian president admitted that the task is difficult and the proposed set of measures is unprecedented, but the result will be of mutual benefit to all.

Russian President Vladimir Putin announced at the plenary session of the Eastern Economic Forum, which was held in the city of Vladivostok, that Russia will provide a series of “unprecedented” incentives to companies wishing to invest in the Kuril Islands, including a 10-year tax exemption.

According to the Russian leader, it is necessary “to create a competitive environment for our partners to work here.” This means that the parameters of the tax burden, the cost of borrowed capital, the speed and quality of corporate public services It must be globally competitivePutin added.

The head of state admitted that the task is difficult and the proposed set of measures is unprecedented, but the result will be of mutual benefit to all.

“It is an unprecedented set of benefits and incentives that we will create on the Kuril Islands, where, for example, we will completely exempt companies from paying major income, property, land and transport taxes for 10 years,” Putin revealed.

However, he emphasized that the benefits will apply to companies that not only register in the Kuril Islands, but also that really works in the areaCreate a business, build infrastructure, and hire employees.

And there will be exceptions to the program, according to the Russian president. “Exceptions will include the work of middlemen, the manufacture of goods subject to special taxes, the extraction and processing of hydrocarbons, as well as the appropriation of valuable aquatic biological resources,” he explained.