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A favorable investment climate forecasted for the Kaliningrand Region

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Russian President, Vladimir Putin signed a Federal Law "On Amendments to Article 4 of the Federal Law ‘On A Special Economic Zone in the Kaliningrad Region and on Amendments to Certain Legislative Acts of the Russian Federation," prepared by the Ministry of Economic Development of Russia.

The document provides for the reduction of the minimum amount of necessary investments to obtain the status of resident of the Kaliningrad SEZ from 150 to 50 million rubles. Specifically in the implementation of investment projects in the field of tourism and recreation activities, to establish processing industries, as well as in the field of fisheries, aquaculture and agriculture.

Also, the law establishes a special procedure for payment of income tax organizations and property tax for persons who have the status of a resident of a special economic zone in the Kaliningrad Region. Persons who’s capital investments in the first three years of implementation of the investment project amount to no less than 150 mln. rubles, acquire the right to exemption from tax on property profits and tax organizations during the first six calendar years, as well as 50% lower rates on these taxes over the next six years.

Those who drafted the document believe it will enhance the attractiveness of the investment climate and the creation of new businesses and additional jobs in the region, according to the Economic Development Ministry's press service.

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