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Eastern Economic Forum

Tax incentives on Kuril Islands to attract investors, first of all from Asian countries

The introduction of the free customs zone treatment on the Kuril Islands is not simply under discussion, preparatory works are completing, President of Russia’s Chamber of Commerce and Industry Sergey Katyrin said

VLADIVOSTOK, September 2. /TASS/. The introduction of special tax treatment on the Kuril Islands will attract foreign investors to the work on this territory, mainly from Asian countries, President of Russia’s Chamber of Commerce and Industry Sergey Katyrin told TASS at the Eastern Economic Forum.

Prime Minister Mikhail Mishustin gave an instruction earlier concerning additional measures to support entrepreneurs in Russia’s Sakhalin Region. The issue is about introducing special tax treatment on the territory of the Kuril Islands. Particularly, it is planned to exempt organizations from payment of tax on profit, value-added tax, corporate property tax, land tax, transport tax for a specified term, as well as to introduce reduced rates of mandatory insurance payments in the amount of 7.6%.

"The introduction of the free customs zone treatment on the Kuril Islands is not simply under discussion, preparatory works are completing. And we expect specific parameters to be announced at the Eastern Economic Forum," he said. "We suggest those measures will enable the region to more actively develop its investment, industrial and tourist potential. We also expect the introduction of special tax treatment to attract foreign investors to the work on this territory, first of all from Asian countries," he said.

The sixth Eastern Economic Forum is being held in Vladivostok on September 2-4 in a hybrid (combined online and in-person) format, the main topic of the business program is ‘New Opportunities for the Far East in a Changing World’. Other programs that are part of the forum include Youth EEF, EEF Junior and Far East Street. The forum is organized by the Roscongress Foundation. TASS is the general media partner and the official photo hosting agency of the event.

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