Companies working in special economic zones will be exempted from all local taxes for five years

Monday, March 20, 2023

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Companies working in special economic zones will be exempted from all local taxes for five years, Economic Development and Trade Minister German Gref said Wednesday. According to Gref, the ministry reached this agreement Wednesday with the heads of regions where special economic zones will be established. "We agreed that in the next two months regions will formulate laws exempting the residents of special economic zones from all local taxes such as land tax, property tax, transport charge and profit tax that are payable to local budgets," Gref said. Yury Zhdanov, the head of the Federal Agency for Control of Special Economic Zones, said he would seek further cuts in the tax burden for companies operating in such zones. "I will fight for the cancellation of all taxes," Zhdanov said, adding that for this purpose amendments would have to be made to the recently approved law on special economic zones. As a first step, Zhdanov wants to propose to regions that they prolong tax holidays for companies working in such zones for another three to five years.

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