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Yalta International Economic Forum Information portal

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30 August '17

Dmitry Medvedev: Russian Government to Take Additional Tax Measures to Develop Crimean Economy

Dmitry Medvedev: Russian Government to Take Additional Tax Measures to Develop Crimean Economy

“In the coming years, we are planning a number of additional measures. They include an investment tax discount that will reduce the costs of industry modernisation, steps to stimulate development of the economic potential of a number of regions and territories, like the Far East and Crimea, as well as arrangements for supporting business and agriculture”, Mr Medvedev said on 30 August at a meeting devoted to forecasting social and economic development and the main lines of the Russian Federation’s tax and customs tariff policy for 2018–2020.

The Prime Minister noted that these measures should be implemented in conjunction with greater financial discipline and a reduced share of the shadow sector in the economy. According to Dmitry Medvedev, Russian authorities will face a difficult task within the scope of the tax and customs tariff policy: “In the context of rigorous resource saving, to envisage measures for stimulating economic development, making the business environment more favourable.”

Since 1 January 2015, there has been a Free Economic Zone (FEZ) covering the entire territory of the Republic of Crimea and the city of Sevastopol. The tenants of this zone are granted a number of tax and customs benefits. The first investment agreements with FEZ participants were signed in April 2015 as part of the 1st Yalta International Economic Forum. The status of FEZ participant has already been received by over one thousand business entities.

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