Free customs zone of the Free Port of Vladivostok is not functioning yet due to absence of residents, Sergei Fedorov, Acting Head of Russia’s Far East Customs, told IAA PortNews.
According to him, it is also necessary to approve regulations set forth by the Law on the Free Port of Vladivostok.
The regulatory framework is being currently elaborated by the Federal Customs Service of Russia, Ministry for the Development of the Russian Far East and other federal executive authorities. According to the source, the work on some documents is nearing completion.
“De facto, regulations stipulated by Article 23 – 27 of the Law do not come into effect from October 12, 2015. As of October 9, 2015, there are no residents subject to state support at the Free Port of Vladivostok. Besides, absence of legal framework … also hinders functioning of the free port”, Sergei Fedorov said. He thinks further federal regulations related to the Free Port of Vladivostok will let the business appreciate all the advantages ensured by the free port.
Federal Law on Free Port of Vladivostok came into effect on October 12, 2015. The law regulates relations arising from the establishment and operation of the Vladivostok free port.
As defined by the law, the Vladivostok free port is a part of Primorye Territory covered by state measures to support business activity to attract investment in developing transport infrastructure, open and develop production facilities manufacturing competitive goods for the Asia-Pacific region markets, speed up socioeconomic development, and raise the living standards of the Far East residents.
Under the law, the free port is being established for a time-period of 70 years.
The law contemplates possible extension of this time-period as well as early termination of state support measures for business in the free port territory.
To coordinate the activity of national and municipal authorities and address funDamental issues related to the operation of the free port of Vladivostok, a supervisory board of the free port of Vladivostok has been established.
Related links:
Federal Law on Free Port of Vladivostok comes into effect >>>>
Russian President signs Federal Law On the Free Port of Vladivostok >>>>