Sunday, November 28, 2021

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Russia ponders creating free trade zone on Kuril Islands

Russia ponders creating free trade zone on Kuril Islands

Moscow, Jul 26 (Prensa Latina) Russian authorities are assessing the possibility of creating a free trade zone on the Kuril Islands, as announced by Russian Prime Minister Mikhail Mishustin during talks with workers of the fishing industry in the Iturup Island.
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Mishustin stressed the importance of implementing a series of initiatives in order to help local enterprises to import the necessary equipment and goods.

‘Important facilities are required so that the people working here do not lose time with bureaucracy and benefit themselves from a single tax regime due to the complicated climate conditions in Cuba’, Mishustin said, as quoted by RIA Novosti.

Russian authorities are considering the possibility of exempting investors in the Kuril Islands from a part of the taxes, the Prime Minister said.

He stated they may be an exempt from paying taxes on revenue, added value, property, land, vehicles, but as he warned ‘we cannot establish a fiscal paradise here.’

The PM commented that before traveling to the Far East he analyzed with President Vladimir Putin a number of measures aimed at making more dynamic the economic activity in the Kuril Islands and make it as efficient as possible.

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