The Council of the Federation approves the law on Free Port of Vladivostok
The Council of the Federation has approved the package of laws on establishment of state support territory “Free Port of Vladivostok” today, July 8, 2015, says press center of CF.
Besides, CF members approved the Federal Law on Introduction of Amendments into Certain Legislative Acts of the Russian Federation in Relation with Passing the Federal Law On Free Port Vladivostok”.
The Federal Law comes into effect from January 1, 2016.
The territory will enjoy free port status for 70 years, with a provision for an extension.
The proposal to give the status of the Free Port of Vladivostok with an attractive, easy customs regime was announced by Russian President Vladimir Putin in his annual Presidential Address to the Federal Assembly in December 2014.
According to the law drafters, the adoption and implementation of the bill on the establishment of the Free Port will help increase the gross regional product of Primorsky Krai by 1.7 times on 2015 figures to RUB 1.106 trillion by 2021, by 2025 – to RUB 1.402 trillion (an increase of 2.2 times), by 2034 - 2,157 trillion rubles (3.4 times from 2015). GRP growth of Primorsky Krai will be 470.1 billion rubles in 2021, 766.2 billion rubles - in 2025, 1.521 trillion rubles - by 2034. Besides, the port will help create news jobs – 84,700 by 2021, 108,000 - in 2025, and at least 468,500 jobs in 2034. As a result of the project, GRP of the Far Eastern Federal District is expected to soar 34% to RUB 1,97 trillion in 2025.
The State Duma of the Russian Federation considered the Bill "On the Free Port of Vladivostok" in the first and in the second reading on June 19, 2015 and on June 30, 2015 accordingly and passed it on July 3, 2015.
Related links:
State Duma passes the bill "On the Free Port of Vladivostok" in third reading >>>>
Experts expect “free port” status of port Vladivostok to boost GRP of Primorye 3.4 times by 2034>>>>
Primorsky Krai lawmakers back bill on Free Port of Vladivostok >>>>
