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Benefits for income tax for large investment projects in the Far East will be extended until the end of the year - EastRussia | Far East

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Benefits for profit tax for large investment projects in the Far East will be extended until the end of the year

Special project TORA and Free Port
The law on the extension of the period for granting tax breaks for residents of the TOR and the free port of Vladivostok (SPV), implementing major investment projects in the FEFD, is scheduled for adoption by the end of 2017. This was stated by Russian President Vladimir Putin at a meeting in the Amur Region.

"For large projects, designed for a long planning horizon, flexible tax solutions are needed. At the Eastern Economic Forum last year, the business asked about the extension of tax benefits to residents of the territories of advanced development that implement long-term projects. We worked through these proposals and a week ago the government submitted to the State Duma a bill whereby investors investing more than 100 billion rubles in Far Eastern projects will receive benefits under the profit tax for up to 19 years. I expect that this draft law will be adopted before the end of the year, "the press service of the Minsk region quotes the head of state.

The bill, through amendments to the Tax Code, extends the zero rate for income tax for residents of TOP and SPV for a period longer than the current five years, in the absence of profit, and depending on the amount of capital investment. In particular, such projects include the construction of the Amur Gas Processing Plant (implemented by Gazprom) and the Amursky Gas and Chemical Combine (SIBUR) in the Svobodny TOR, the establishment of the Eastern Petrochemical Complex by the company (Rosneft Oil Company) in the TOR Petrochemical.