Tatarstan Innopolis to become a special economic zone

Innopolis project, which is implemented in Tatarstan, will be given the status of a special economic zone. The corresponding decree was signed yesterday by Russian Prime Minister Dmitry Medvedev.

I signed a decree on the establishment of the special economic zone Innopolis - Medvedev said at a meeting on funding for major repairs in the housing sector.

Tatarstan applied to the Ministry of Economic Development in September to create the special economic zone (SEZ) of technology-innovative type Innopolis near Kazan. The Innopolis is a project to create a city that would be able to team up young and skilled professionals from across the country, creating the potential for the innovative development of the Russian Federation.

The Special Economic Zone will be set up at two sites - Verkhneuslonsky and Laishevsky municipal districts of Tatarstan.

The area of the first Russian IT-SEZ is 192 hectares. The residents will have special tax rates, including the unified social tax - 14% (instead of 30-34%), income tax - 13.5% (instead of 20%). They will also be exempt from property tax for 10 years. The SEZ will include a free customs zone, a system of One-Stop public services.