Mishustin allowed the introduction of a free customs territory in the Kuriles

A free customs territory regime will be introduced in the Kuril Islands, but the islands should not become an offshore zone. This was stated by Russian Prime Minister Mikhail Mishustin during a government meeting.

According to him, value added tax will not be charged on transactions with goods imported from third countries to the Kuril Islands. Such preferences will apply to all investors, the main thing is the desire to open production, create new jobs in the Kuril Islands, the prime minister added. At the same time, it is necessary to prevent the emergence of a new offshore zone on the islands, so that those who only want to minimize taxes do not rush there.

In this regard, preferences will be given to companies that will actually work in the Kuril Islands, are not engaged in the extraction and processing of hydrocarbons, the production of excisable goods, the catch of crabs, as well as financial intermediary services, Mishustin emphasized.

The head of government said that at present, the remoteness from the mainland, undeveloped infrastructure, harsh climatic conditions scare off entrepreneurs, since large enough investments are required to open a new business in these territories.

“Consider the changes to the Tax Code, by which companies wishing to start a business in the Kuril Islands will be completely exempted from almost all types of taxes for 20 years,” Mishustin said. According to him, this refers to taxes on profits and property of organizations, as well as land and transport taxes. The rates of insurance premiums will be significantly reduced - to 7.6%, the prime minister concluded.

Source: https://ko.ru/