The law on a special tax regime in the Kuril Islands may be adopted in the spring session, the new regime will work immediately. On Wednesday, January 19, the head of the Minvostok, Alexei Chekunkov, spoke about this in an interview with RIA Novosti.
“The bill is planned to be considered (in the State Duma. – Ed.) in the first reading in January. The new preferential regime will come into effect immediately after the adoption of the law in the spring session. Changes will also be made to the second part of the Tax Code,” Chekunkov said.
According to him, residents of the new preferential regime will be exempted from income tax, property, transport and land taxes for 20 years.
Chekunkov also added that a free customs zone will be introduced on the territory of the Kuril Islands. At the same time, preferences do not apply to the production of excisable goods, projects for the extraction and processing of hydrocarbon raw materials, projects for catching valuable species of crustaceans.
Earlier, on October 18, Russian President Vladimir Putin instructed to adopt amendments regarding the preferential treatment of doing business in the Kuril Islands by August 1, 2022.
Among the conditions – organizations are not recognized as taxpayers of corporate income tax, land and transport taxes, corporate property tax; reduced rates of insurance premiums are applied in the amount of 7.6% for 10 years; the free customs zone regime is applied.
On September 3, Vladimir Putin announced at a plenary meeting of the Eastern Economic Forum (EEF) that an unprecedented tax regime for business would be created on the Kuril Islands. Entrepreneurs for 10 years will be exempted from paying key taxes on income, property, as well as from paying land and transport taxes. In addition, Japanese investors will also be able to take advantage of preferential conditions in the Kuriles.
Source: IZ
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
