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Amendments to Special Economic Zone Law in Duma
The Russian State Duma has passed the second reading of amendments to laws to create special economic port zones. That is the fourth type of special economic zones, joining industrial, technical and tourism zones. The new zones are meant to stimulate development of Russian ports. It was noted in June of this year, when the amendments were introduced, that Russian ports handle only 1 percent of containerized freight, while ports in other countries handle an average of 20 percent of such freight.
The new special economic zones can be created at seaports, river ports and international airports. The zones will be created for 49 years. The main advantage they provide is customs benefits. No duties will be collected on goods in port zones and VAT will be returned on items exported through them.
The condition that a port zone be no smaller than 50 sq. km. was added to the second reading of the amendments. All territories of the zone must be contiguous and a minimum investment of €50 million (down from €100 million) is required for entrance to river and airports. The minimum at seaports remains €100 million. The minimum investment for reconstruction is €3 million. There are plans to create four port zones. The first ones will likely be at Novorossiisk, Nakhodka and Ust-Luga.
ww.kommersant.com
All the Article in Russian as of Oct. 08, 2007
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