Duma approves 70-year free port status for Vladivostok

Vladivostok portThe Russian State Duma has passed a bill on granting Vladivostok free port status for at least the next 70 years. As from next year, visitors to the city – as well as to15 adjoining municipalities and the nearby ports of Nakhodka, Zarubino and Posiet – will be able to obtain an 8-day visa and their companies a customs-free zone and tax incentives. Income tax will be set at a flat rate of 5% (instead of the standard 20%) for the first five years of company’s residency, rising to 12% for the following five, while other taxes will be cut from 30% to 7.6%, Participating companies will also be exempt from property tax.

Source: rbth