Tax benefits for residents of TOR and port entered in Primorye

VLADIVOSTOK, 25 Nov. Primorye MPs on Wednesday approved tax incentives for residents of free port of Vladivostok and the territory of advanced development (TOR), according to the Legislative Assembly of the region.

“The amendments to the laws “on tax on property of organizations” and “On establishing a reduced rate of tax on profits payable to the regional budget, for certain categories of organizations” approved by the Parliament in three readings”, — stated in the message.

The draft law “On property tax organizations” establishes a tax rate with respect to the property of residents of the free port of Vladivostok or THOR, created or acquired for the activity during the project: 0% for five years and 0.5% in the next five years.

The second bill provides the ability to set a lower tax rate on the profit of organizations — residents of the free port of Vladivostok, to be paid to the budget of a constituent entity of the Russian Federation, in the amount not exceeding 5% during the first five tax periods and not below 10% in the next five tax periods.

In the document for development of international trade with Asia Pacific countries, the establishment and development of industries, focused on the issue of the free port in Vladivostok competitive in the Asia-Pacific States products, establishes the following tax rates for organizations — residents of the free port of Vladivostok: 0% — for five tax periods, 10% in the next five tax periods.

Now in the far East established nine priority development areas. Two in the Amur region, Khabarovsk and Primorye territories, and one in Kamchatka, Chukotka and Yakutia. It is planned to allocate from the budget of the Russian Federation of 21 billion rubles. The Russian authorities expect to attract in the framework of implementation of projects in Torah more than 240 billion rubles of private funds. The Federal law on the Free port of Vladivostok came into force on 12 October. Mode the port will act on the territory of 15 municipal formations of Primorsky Krai.