• 2021 July 26 14:59

    RF Government suggests establishing free customs area on Kuril Islands

    Image source: website of RF Government
    Mikhail Mishustin expects this special regime to let economic activities become more active there

    RF Government suggests establishing a free customs area on the Kuril Islands to make them more attractive for foreign investors through exemption of most activities from major taxes, Interfax cites Russian Prime Minister Mikhail Mishustin.

    Following the visit of the fish processing plant on the Iturup island Mikhail Mishustin said he would discuss this suggestion with the President of Russia upon return to Moscow.

    “That is an unprecedented package of measures. I will consult with Vladimir Vladimirovich on what we could undertake here”, said Mikhail Mishustin when speaking with the fishery industry representatives.

    In particular, the Prime Minister said he was “looking into establishment of a free customs area here to ensure a possibility for manufacturers to bring the required equipment and goods”.

    “Besides, we will consider exempting from taxpayer obligations those involved in almost all main activities excluding intermediate financial activities, production of excisable goods and harvesting of valuable bioresources”, said the Prime Minister.

    According to the head of RF Government it is possible to exempt the taxpayer in the Kurils from the duties of income tax, VAT, property tax, land tax, and vehicles.

    “I think a reduced rate of insurance premiums should be maintained here, of course”, he added emphasizing that the Kurils “cannot be turned into an offshore” as it was in the 90s, when “internal offshores were created not to invest in the territory, but to minimize aggressive taxation”.

    “No one will certainly exempt us from personal income tax,” said the Prime Minister.

    Meanwhile, Mikhail Mishustin expects the suggestions to be “a good solution for investors, including Western ones, for example Japan, which can generate jobs if interested”.

    “This special regime will let economic activities become more active here. I will report on these suggestions to RF President and an appropriate decision will be made. I believe it will be interesting for all those working here, those who would like to work here, including our partners from the Western countries", summarized Mikhail Mishustin. 




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