Federation Council approves expansion of porto franco regime to key ports in Russia’s Far East
The Federation Council has approved introduction of amendments to the Federal Law "On the Territories of Priority Development Areas of Social and Economic Development in the Russian Federation” and the Federal Law "On the Free Port of Vladivostok". Press center of the Ministry for the Development of the Russian Far East says the law supported by 147 senators has been submitted to RF President Vladimir Putin for endorsement.
The law developed by the Ministry for the Development of the Russian Far East under the Presidential order provides for the expansion of porto franco regime to several key ports in the Far East.
Under the law the porto franco regime is to be expanded to several key ports in the Far East: Khabarovsk Territory (Vanino District), the Sakhalin Region (Korsakov City District), the Kamchatka Territory (Petropavlovsk-Kamchatsky), Chukotka Autonomous Okrug (Pevek).
The Supervisory Board will be a single governing body of the Free Port of the Far East.
The porto franco regime provides a 'single window' on the border, 7/24 operation of border crossing points, the simplified visa regime with eight-day visa obtained at the border and a free customs zone for residents. Residents of the Free Port will also receive tax incentives and administrative privileges, like a shorter period of receipt of permits in the construction sector. All businesses inspections are to be agreed with the FED Ministry.
On June 24, State Duma passed in the 3rd reading the draft law On Amendments to the Federal Law "On the Territories of Priority Development Areas of Social and Economic Development in the Russian Federation” and the Federal Law "On the Free Port of Vladivostok".
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