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Far East should introduce tax privileges for attracting investors - view

Minister of the Far East Development said the government hoped “by 2015 the Far East will attract additionally 3.3 trillion roubles”

VLADIVOSTOK, September 8 (Itar-Tass) —— For attraction of investors in regions of the Far East it is necessary to introduce major tax privileges, Minister of the Far East Development Viktor Ishayev told a news conference on Saturday.

“The costs are very high and do not allow smooth development of businesses,” he said. “All investors, whether Russian or foreign, should not be liable for income, property or land tax, as well as VAT, for the period of new enterprises’ recoupment.”

The minister stressed there should not be privileges for payment of personal income taxes, “as it is a tax payable to the state budget directly.”

Ishayev said the government hoped “by 2015 the Far East will attract additionally 3.3 trillion roubles, and by 2018-2020 – nine trillion roubles.”

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