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Russian President Vladimir Putin signed a law on the creation of a special economic zone in the territories of the South Kuril, Kuril and North Kuril urban districts of the Sakhalin Region, writes the “MIR 24” portal.
The SEZ will operate until the end of 2046. Enterprises included in the Kuril SEZ will be exempt from income taxes, in addition, they will be able to open production and import goods with foreign status, while their customs clearance will be required only if they are exported outside the zone.
The development of business within special economic zones ensures the reduction of administrative barriers, rent, and provides for tax and customs benefits.