Head of the Federal Special Economic Zone Management Agency (RosOEZ) Mikhail Mishustin
Photo: Vasily Alexandrov
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Investors Need More Incentives in Far East Ec. Zones
The government commission on the development of the Russian Far East and Transbaikal regions headed by Russian Prime Minister Mikhail Fradkov concluded at a meeting yesterday that investors need more tax incentives in the special economic zones there. Head of the Federal Special Economic Zone Management Agency (RosOEZ) Mikhail Mishustin has proposed introducing the amendments to the Tax Code, without which the economic zones will not find residents.
Fradkov asked Mishustin about the first results of the operation of the special economic zones. The agency chief replied that the earliest results would be available only in November, and from Tatarstan, not the Asian part of Russia. In the regions of interest to the commission, he said, there are problems with even plans for a recreational tourism zone on Lake Baikal – construction plans violate legislation on preservation of the lake. Mishustin asked Fradkov to institute changes in that legislation.
After some prodding from the prime minister, Mishustin explained that the tax benefits available in the special economic zones are “petty” and do not stimulate investment. Only changes to the Tax Code can changer the situation, he added. Presidential representative for the Far Eastern Federal District Kamil Iskhakov agreed with Mishustin. He noted that there are few enterprises in the region that can meet the ˆ10-million investment requirement. Maritime Territory Governor Sergey Darkin stated that “We don't need the zones at all.” He said that investment growth in his territory is increasing four times more rapidly than the national average and that the high cost of electricity is the biggest obstacle there. The commission made no decisions.
www.kommersant.com
All the Article in Russian as of Aug. 29, 2007
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