MOSCOW - As part of several bills being prepared on a free economic zone in Crimea, investors will be exempt from a number of taxes for 10 years, and a flag of convenience regime could be introduced at harbors, Russian Prime Minister Dmitry Medvedev said at a governmental meeting on Oct. 30.
“At the free economic zone, it is envisioned that investors will be exempt from a number of taxes for up to 10 years depending on the type of taxes,” Medvedev said, adding that administrative barriers would be reduced.
“At Crimean harbors, ‘free flag’ and a so-called ‘port of convenience’ [flag of convenience] could be introduced, which will simplify customs procedures,” he said.
Medvedev added that the government was hoping such measures would stimulate business activity on the peninsula and guarantee the flow of capital investments into industry, transport, agriculture, infrastructure, logistics and the tourism and resort sphere.
