Reduction of insurance payments for the investors carrying out their projects on the Kuril Islands has been extended until December 31, 2046, reads the document signed by the President.

The new law lifts the prohibition denying benefits to new legal entities set up by organizations and their related parties that owned not less than 50-percent share in another participant, which has lost its right to the benefit, or in another entity registered in the Kuril Islands.

In addition, the entities registered in the Kuril Islands after January 1, 2022, and using a truncated taxation system will be allowed to pay lower taxes in the amount of 7.6 percent until December 31, 2046.

The lifting of restrictions will promote implementation of 16 new investment projects with the total investments amount of 12.4 billion rubles.