Crimean ports are to be given preferential treatment, which will involve full or partial cancellation of customs duties and taxes during importation and exportation of goods, after creation of a special economic zone. Russian Minister for Crimean Affairs Oleg Savelyev announced this at a press conference in Simferopol, Maritime News reports.
According to Savelyev, the special economic zone, which will be created in the Crimea, will allow creation of the most comfortable conditions for business and investment.
"In particular, we are talking about such special regimes as a ‘free port,’ following the example of the port of Dalian (China)," said Savelyev.
According to him, the final decision regarding which of the Crimean ports will be given preferential treatment has not yet been made. "I suggested that it should be given to all Crimean ports, but the tool for decision-making will depend on the tax base, the specialization of a port, and its location," said the minister.
Savelyev said that the possibility of granting such preferences to investors, as well as granting holding companies the benefits that are often granted in offshore zones was being considered as part of the special economic zone in the Crimea. Unlike offshore zones, the special economic zone in the Crimea will be based on the legality and openness of all investments.
Seventeen special economic zones are currently in operation in Russia: six industrial, five technological, four tourist, and two logistical. They were established after the adoption of a new law on the special economic zones in 2005. The Russian Cabinet of Ministers has instructed the Ministry of Economic Development, the Ministry for Crimean Affairs, the Ministry of Regional Development, and the Ministry of Finance to prepare a draft law on establishment of a special economic zone in the Crimea and submit it to the government by May 25.
Earlier, Savelyev said it would be possible to conduct transactions based on British law after creation of a special economic zone in the Crimea. The minister also stressed that the Crimea should facilitate “de-offshorization” of the Russian economy, including through creation of special conditions for portfolio investors. According to him, the possibility of introducing 72-hour visa-free stays for foreigners arriving at ports in vessels is being considered in the draft law.
