The process of creation of the special port zones is entering its final stage. Yesterday the State Duma approved in the first reading the law on special economic zones in the port, which prolonged the duration period of the zones up to 49 years (“Business” reports).

Introduced at the beginning of this year the draft law on port zones sets a number of discounts for the residents of the special economic zones in the port - i.e. they won’t be charged customs duties and VAT while importing building materials, mechanisms and equipment. Besides, the residents will be exempt from property and land taxes; profit taxes will be reduced by 20%. Authorities were discussing for a long time the duration period of the special economic zones in the port choosing between 25 (the requirement of the Presidential Administration) and 49 years (Russia's Ministry of Economic Development and Trade). Finally they decided to prolong the operational period of the zones up to 49 years.

According to the vice speaker of the State Duma, Vladimir Katrenko, “Russian regions from the Baltic coast to the Pacific Ocean are looking forward to seeing this draft law entering in its force.” The main candidates to be granted the status of the special economic zones have been already determined, i.e. Novorossiyskiy port, Vladivostokskiy port and Ust-Luga port. “At the moment our transportation hubs satisfy only our competitors. While transportation costs of our neighbours amount to not more than 8% of the production cost, in Russia they amount to 20%. That’s why vessels try to stay away from our berths whenever it’s possible”. So Vladimir Katrenko was proving the necessity of passing this law as soon as possible.

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