Residents of the free economic zone in Crimea will enjoy tax benefits. For example, the income tax for organizations will not be payable for ten years to the federal budget, and will not be more than 13.5% if payable to the regional budget. The Russian president also adopted special rates of property and land taxes for companies.
Russia began organizing economic zones in 2005. Now, there are seven industrial zones, five technology zones, four tourist zones and two port logistics zones. They were organized for replacing imported goods, for innovative research and for development of infrastructure. The economic zones are located in the Volga region, in the Urals, Moscow and Leningrad regions, in Siberia and in the Far East, where residents enjoy administrative, tax and customs benefits, have access to qualified human resources. Local authorities guarantee the transparency in the zones.
Between 2006 and 2014, Russian economic zones attracted over 340 investors from 27 countries. The announced investments make up to €10 billion.
Vladimir Putin also approved addendums to the country’s Tax Code, which allow introduction of a new trade tax in federal cities (Moscow, Petersburg, Sevastopol).
The trade tax may be introduced in the federal cities of Moscow, St. Petersburg and Sevastopol no earlier than on July 1, 2015. In municipal structures outside the federal cities the trade tax may be introduced only after a special federal law is adopted