SEZ in Kaliningrad Oblast creates preferential environment for investors
Committee for economic activity has approved a Federal Law draft prepared by the Ministry of Economic Development of the Russian Federation “Regarding entering amendments in article 4 FZ “Regarding Special Economic Zone (SEZ) in Kaliningrad Oblast and entering amendments in some legal acts of the Russian Federation”.
To develop priority economic fields in Kaliningrad Oblast and create for investors the extra incentives, the said draft proposes to reduce up to RUR 50 mln the extent of the minimum investment in form of capital placements required in Kaliningrad Oblast for granting status of SEZ resident in fields of recreational / tourist activity, setting up of the manufacturing industry, fishery, fish-breeding and agricultural enterprises inclusive.
The actual wording of Federal Law No 16-FZ “Regarding entering amendments in article 4 FZ “Regarding Special Economic Zone (SEZ) in Kaliningrad Oblast and entering amendments in some legal acts of the Russian Federation” provides special procedures of paying income and property taxes by entities granted status of SEZ resident in Kaliningrad Oblast.
So it is presumed that legal entities investing in the first three years of implementing investment project at least RUR 150 mln shall acquire the right of exemption from paying income and property taxes within first six calendar years, as well as to reduce within the subsequent six years the relevant tax rates by 50%.
Since 2014 in Kaliningrad Oblast is implemented the program of recreational/tourist clusters development program that are to become the growth points both for region and interregional connections and activate the development of small and medium business. The construction of the relevant recreational and revitalizing anchor type investment facilities are planned. As a rule, the initial investments in such projects starts from RUR 30 mln.
Adoption of this draft low shall facilitate rising attractiveness of investment environment, setting up new manufacturing facilities and creation of new jobs in the region.