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Vladimir Putin signs a law on tax incentives in the Far East

  • Published in InFocus
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July 19, Russian President Vladimir Putin signed the law "On Amendments to Chapter 25 of Part Two of the Tax Code of the Russian Federation regarding the creation of favorable conditions for the development of tourist and recreational activities on the territory of the Far Eastern Federal District."

According to the new law, from January 1, 2018 until December 31, 2022, organizations that carry out tourist and recreational activities in the Far East will receive a zero rate on profits. The list of activities subject to the bill will be established by the government. It is expected that preferences will primarily be given to hotels.

The federal law was adopted by the State Duma on July 7, 2017 and approved by the Federation Council on July 12.

As previously noted by the Minister of the Russian Federation for the Development of the Far East, Aleksandr Galushka, "tourism is one of the economic drivers for the development of the macro-region." According to him, the introduction of the electronic visa mechanism will facilitate the development of tourism. The participants of 3rd Eastern Economic Forum in September 6-7 in Vladivostok will be able to take advantage of this simplified visa regime.