Economy
DecisionsRussia created a free trade zone in Crimea
The State Duma of Russia has adopted the Law On the Development of Crimean Federal District and Free Trade Zone on the Territories of the Republic of Crimea and the Federal City of Sevastopol.
According to the document, the free trade zone on the peninsula was created for the term of 25 years, however the term can be extended.
On the territory of the free trade zone there is a special regime of business activity and other activities including preferential taxation and application of the customs procedure of the free customs zone.
As Capital reported, at the end of October the Russian government approved the creation of the free trade zone in Crimea.
The investors will be exempt from payment of the number of taxes in the free trade zone in Crimea and the administrative barriers will be decreased, announced Prime Minister of Russia Dmitriy Medvedev.
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