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Putin announces tax incentives and benefits for Kuril Islands

Moscow, Sep 3 (Prensa Latina) Russian President Vladimir Putin on Friday announced the implementation of unprecedented tax benefits and economic incentives for companies based in the Kuril Islands, at delivering a speech at the Eastern Economic Forum running in Vladivostok.

During the plenary session of the forum in which more than 4,000 delegates from some 65 countries are participating, the president stressed that the package of measures includes a 10-year exemption from the main taxes on income, property, land and transportation.

In his opinion, the development of these islands is ‘an extremely difficult task,’ therefore, a set of ‘unprecedented’ measures will be implemented to solve such challenges.

The head of State said that the free-zone regime will be in force in the Kuril Islands, in which the import of goods, equipment and export of finished products will be facilitated, TASS news agency reported.

He also announced that the value-added tax will not be levied in the zone until goods leave the territory.