Five more municipalities in Far East to become free ports

The free port regime currently effective in the Primorsky Region (Vladivostok Free Port) will cover territories of five more municipalities in the Far East, Russia’s Far East Development Minister Alexander Galushka said on Thursday.

The free port regime currently effective in the Primorsky Region (Vladivostok Free Port) will cover territories of five more municipalities in the Far East, Russia’s Far East Development Minister Alexander Galushka said on Thursday.

"The State Duma passed yesterday in the second reading the law extending free port conditions to five more municipal territories. These are Pevek in Chukotka and Petropavlovsk-Kamchatski, Lazovsky District in Primorsky Region and Vanino District in Khabarovsk Region, and Korsakov District in Sakhalin. Final third reading of the law is scheduled to June 24," the Minister said.

These areas already have operating ports that may receive a new impetus to development owing to free port conditions, Galushka said. Resident investors of free ports will be provided with ten-year benefits on income tax, land tax, property tax and insurance contributions. Border and customs control procedures will be much simpler in free ports.

First published by TASS.

All rights reserved by Rossiyskaya Gazeta.

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