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Companies with investments above $6.7 mln to be residents of international PDAs

It is noted that a free customs zone procedure can also be used within the framework of international PDAs

MOSCOW, March 13. /TASS/. Companies with investments amounting to 500 mln rubles ($6.7 mln) and higher can become residents of international priority development areas (PDAs), press service of the Russian Ministry for Far East Development said on Monday.

Parameters prepared by the ministry for international PDAs are presented in a new bundle of draft laws.

"Key terms for residents under a new preferential treatment regime: a new company, including with foreign participation, can become a resident of an international PDAs, with its capital investments amounting to 500 mln rubles at the least. Residents will get an exemption from income and property, transport and land taxes exemption for twenty years. Lowered tariffs of insurance contributions during that period will stand at 7.6% instead of 30%," the press service said.

A free customs zone procedure can also be used within the framework of international PDAs, the Ministry proposed. The currency control law will not apply to residents.

"The specific feature of international PDAs is that its resident can make high-technology products under the list approved by the government," the Ministry said. "Appearance of international PDAs will make possible to attract investors and technologies from friendly countries and create comfortable conditions for implementation of high-technology projects with foreign partners," the Ministry added.

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