New regions of Russia plan to create a free economic zone
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The Ministry of Construction of Russia is considering the possibility of creating a free economic zone in the Donetsk and Lugansk People’s Republics (DNR and LNR), as well as Kherson and Zaporozhye regions. This was announced by the head of the ministry Irek Faizullin.
During the government hour in the State Duma, Mr. Fayzullin outlined the results of work on the free economic zone in Crimea, which became part of Russia in 2014. According to him, in 2022, 116 organizations and branches were opened, which made it possible to attract 22 billion rubles to the peninsula. investments and create 8.5 thousand jobs. “Similar actions are now being taken as part of the implementation of the socio-economic development of the Kherson region, Zaporozhye, the Donetsk and Luhansk republics,” he added (quoted by TASS).
Irek Fayzullin also noted that since October last year, the Ministry of Construction has become responsible for the socio-economic development of Crimea and Sevastopol, as well as four regions that are part of the Russian Federation.
October 5, 2022 Ministry of Economy announced adoption of a law on the creation of a single free economic zone on the territory of the DPR, LPR, Zaporozhye and Kherson regions. All four regions can exempt from paying income tax to the federal budget for ten years. From January 1 in four regions operate special tax regimes.
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