The draft law on the territories of priority socio-economic development
in the Russian Federation is designed for creating conditions for the accelerated
advance of the regions, and primarily in the Far East.
The document determines the legal standards for the aforementioned territories, the terms and procedure for their formation and formulates measures of Government support for them.
The federal budget, regional and local budgets and other sources will pay for the construction of infrastructure facilities on the aforementioned territories.
The draft determines what bodies will take part in running these territories, establishes their functions and powers and the legal status of their residents as well as the special features of running their businesses and other activities: special rules for the use of land; discounted rent; tax benefits and discounted insurance payments; special arrangements of government and municipal control (supervision); connection of infrastructure facilities to power supply at reduced rates; an opportunity to employ qualified foreign personnel on the basis of fast and easy procedures.
Draft laws on introducing amendments to the Tax Code of the Russian Federation in connection with the adoption of the Federal Law on the Territories of Priority Socio-Economic Development in the Russian Federation and on amending certain legal acts of the Russian Federation in this connection establish tax and other benefits for the residents of the said territories and contain a list of exemptions from general regulations.
The adoption of the draft laws will ensure more favourable conditions for business and investment activities for the residents of the aforementioned territories as compared with similar territories in other states.