The President signs a law on preferential customs treatment for the Special Economic Zone residents in the Far East

© RIA Novosti / Alexander KazakovПрезидент РФ Владимир Путин
Президент РФ Владимир Путин
Vladimir Putin signed a law expanding opportunities for the IT members of the Special Economic Zone (SEZ) in the Magadan Region as well as in Yuzhno-Kurilsky, Kurilsky and Severo-Kurilsky municipal districts in the Sakhalin Region.
The innovation will apply to the companies operating in the field of information and communication. Now they will be allowed to export goods under the free customs zone procedure to the rest of the region without completing the procedure. This can be done if the goods are intended for their own production needs and similar goods do not exist in Russia.
This measure is to reduce the costs of the SEZ residents and facilitate the logistics because before they had to complete the customs procedure when transporting goods beyond the zone. This is expected to provide for a flow of investments to the region and promote creation of new jobs. The explanatory memorandum indicates that the implementation of projects in the IT sphere will bring to the region about 4.5 billion rubles in investment and annual tax proceeds amounting to 273 million rubles.