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Russia Poised to Make Kuril Islands Preferential Tax Zone, Invites Japanese Investors

© Sputnik / Sergey Krasnouhov / Go to the mediabankKuril Islands
Kuril Islands - Sputnik International, 1920, 22.03.2022
VLADIVOSTOK, Russia (Sputnik) - Russian Deputy Prime Minister and Presidential Envoy to the Far Eastern Federal District, Yury Trutnev, said on Tuesday that the preferential tax zone in the Kuril Islands will be preserved and all investors, including those from Japan, are welcome.
On 9 March, Russian President Vladimir Putin signed a law granting 20-year tax exemptions to companies which register in the Kuril Islands after 1 January. Exemptions cover land and property, VAT and transport tax. Additionally, these companies will be eligible for 7.6% reduced insurance premiums.
"We are waiting for investors who want to work in Russia. We invite all investors – from Russia, China, from Japan. I am sure that the [preferential tax] regime will be implemented," Trutnev said, adding that he will personally oversee the project's progress.
On Monday, Russia withdrew from a negotiation with Japan on signing a post-World War 2 peace treaty and joint initiatives in the Kuril Islands, upon which Tokyo has sovereignty claims. The Russian foreign ministry said this was in response to Japan's "unfriendly steps," as it joined the Western countries in sanctioning Russia for starting a military operation in Ukraine.
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