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Friday, April 19, 2024

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Russia Unveils Plans To Create Offshore-like Zone In The Kuril Islands

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The country’s Deputy Prime Minister Yuri Trutnev stated in an interview that Ryssia is eyeing to create a free tax zone in the Kuril Islands next to the Kamchatka Peninsula. He revealed, “This is practically an offshore [zone]. That is, there will be almost no taxes left in the Kuril Islands.” He also added that the businesses and people who will carry out investment and commercial activities on the islands will not have to pay taxes either.

He also stated that a proposal has been made not to pass tax inspections in the region for at least 10 years. Last week, Russia’s Prime Minister Mikhail Mishustin instructed that by September 1 all relevant authorities are to submit proposals for the creation of a special taxation scheme. The move is set to exempt organisations operating on the islands from paying income, added value and property taxes, as well as land and transport taxes. In addition, it aims to introduce reduced mandatory payments on insurance premiums at a rate of 7.6%.

Mishustin stated, “A separate instruction concerns additional measures to support entrepreneurs in the Sakhalin Region. We are talking about the introduction of a special tax regime on the territory of the Kuril Islands.” The plan also includes the creation of a free customs zone on the Kurils, a measure necessary to support manufacturers who will import goods and equipment to the islands.

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