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Russian government approved bills extending the term of the SEZ in the Magadan region until the end of 2025
The Government of the Russian Federation approved the draft laws providing for the extension of the Special Economic Zone (SEZ) in the Magadan Region to 31 December 2025. This is stated in the message of the press service of Minskostokrazvitiya.
"The adoption of these laws will provide SEZ participants with favorable conditions for entrepreneurial and investment activities, will accelerate the social and economic development of the Magadan region and, in particular, attract private investors to the industrial and extractive industries of the region," the ministry said.
The SEZ regime in the Magadan region has been in effect since 1999. In accordance with previously adopted laws, it was envisaged that the SEZ in this region will operate until December 31 2014.
"The Ministry for the Development of the Far East and the regional government have repeatedly noted that the termination of measures to support the SEZ does not meet the tasks of the priority development of the Far East," the message says.
New laws on the SEZ, in addition to tax preferences, clarify the criteria for the selection of participants in the SEZ. Thus, legal entities planning to obtain the status of a participant in the SEZ should invest funds in the amounts and terms provided for by the relevant agreement on the implementation of activities.
It also provides for a transition period of five years, during which a special legal regime of economic activity and a customs procedure of the free customs zone will continue to apply to legal entities who received the status of a participant of the SEZ before 31 December 2014.