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Minvostokrazvitiya proposes to establish five-year tax holidays for new enterprises of the Far East

The Ministry of Development of the Far East on Wednesday, 21 May, sent a draft law on priority development areas to the Russian government for approval, said the head of the department Alexander Galushka in an interview with ITAR-TASS at SPIEF-2014.

In the bill, in particular, the Ministry of Eastern Development proposes to establish a five-year tax holiday for new enterprises of the Far East, with zero income tax, property and land tax rates, as well as a reduction in insurance premium rates from 30% to 16% and a lower mineral extraction tax rate.

"In addition to tax benefits, it is important to deregulate in terms of administrative procedures that slow down projects and increase costs," the minister said, noting that, according to expert estimates, about a third of business costs are associated with ineffective regulation.

Galushka also said that the start-up investments in the launch of the Far East Development Fund will amount to about 70 billion rubles. "These are not one-time, but extended over time investments in a structure that can deal with the development of priority development territories," he explained.

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