Minister Galushka: Taxes like in Japan and customs like in Singapore
Proposals to enhance the investment climate in the Russian Far East including Territories of Advanced Development will be submitted to the Government of the Russian Federation.
Prime-Minister Dmitry Medvedev has signed a respective order in follow-up of a meeting on Territories of Advanced Development in the Russian Far East.
According to Minister for Development of the Russian Far East Alexander Galushka the Prime-Minister has ordered to develop proposals to strengthen existing incentives taking into consideration the realities of the Pacific Region. The Minister also points out that the Russian Far East should provide competitive conditions for investments and doing business:
– Basically, it means that the profit tax, for example, should not exceed 11 % like in South Korea, insurance deductions should not be more than 10 %, like in Japan. Construction permits should be granted within 26 days like in the USA, and the customs procedures should be like in Singapore. That’s what I mean by practical competiveness.
The deadline for proposals is June 30, 2017.