Deripaska decided to pay taxes in his home district in the Kuban

Chairman of the Supervisory Board of “Basic element” Oleg Deripaska (Forbes estimates his fortune at $2.1 billion) will be on tax accounting in Ust-labinskom district of Krasnodar region and there will to pay taxes new subsidiaries “basic element”, announced the press service of the company. The agreement was signed by the billionaire, the representative of “basic element”, the authorities of Krasnodar region and the Ust-Labinsk district. It will last for five years but can be prolonged.

Deripaska’s parents originally from the Kuban, and the entrepreneur has lived in the hamlets of the October Railways and the Ust-Labinsk district from 7 to 11 years, reported Bloomberg. Now Ust-Labinskiy district consists of the city name and 14 rural settlements. It has a population of more than 116 thousand people, according to the website of the municipality.

According to a representative of Deripaska, billionaire and previously paid personal income tax in Krasnodar region, and now had the right to control how to spend his money. The regional authorities have pledged to direct up to 50% of taxes of the businessman and his companies for the development of the Ust-Labinsk district. Among the priorities is the construction of a kindergarten, repairing roads and upgrading the infrastructure of the district. “I think the important task of turning the district in the “heart” of the Kuban, the point of attraction for new ideas and opportunities,” Deripaska was quoted by his press service. The amount of the taxes paid by Deripaska, the billionaire’s representative refused to disclose.

In Krasnodar region there are nearly 50 companies included in the “Basic Element”. The largest of them — the airport group Basel Aero”, agricultural holding “Kuban”, “Glavstroy Ust-Labinsk”. Companies ‘ investments in the region’s economy over the last ten years amounted to more than 45 billion rubles Until 2020, the company “Basic Element” is planning to invest in the economy of the region is almost 50 billion rubles, according to the company. Regional and local budgets from 2005 to 2015 has received more than 2 billion rubles in tax revenues from enterprises of the group.

Deripaska was also one of the investors of the Olympic games in Sochi. Controlled by billionaire company “Rogsibal” built coastal Olympic village with a capacity of 3,000. According to VEB, the cost of the project amounted to 25.3 billion rubles, of which credit Bank 22.3 billion, Another object of the Deripaska — cargo port near the Olympic Park. The cost of the project is 6 billion rubles., the loan VEB – 3.8 billion “Basel Aero manages four airports in the Krasnodar region — Sochi, Krasnodar, Anapa and Gelendzhik.