Preparations to introduce duty-free zone in Kurils to be finalized by Sept 1
MOSCOW. Aug 17 (Interfax) - Preparations for introducing a duty-free zone in the Kuril Islands are expected to be completed by September 1, Far East and Arctic Development Minister Alexei Chekunov said in an interview with Izvestia.
"Our goals are to completely exempt investors from all taxes for a long period, reduce social insurance contributions to 7.6% and introduce a duty-free zone [in the Kuril Islands]. This work will be completed by September 1," Chekunov said.
He said his ministry plans to announce the "concrete parameters, foremost for what period this tax exemption will be implemented," at the Eastern Economic Forum (EEF) in early September.
"I can promise you that this will be more aggressive in the good sense of the world. The tax breaks of the preferential regime in the Far East have already attracted a total of 2,500 companies in about five years," Chekunov said.
He recalled that the Kuril Islands have a "priority development area, but its currently amounts to just 31.5 hectares, less than 0.003% of the area of the whole archipelago."
"The Kurils could be a zone for the creation of new businesses, foremost related to processing of marine bioresources, as well as a most interesting tourism destination," Chekunov said.
