New Caspian shipbuilding economic zone to offer tax and customs benefits

A new special shipbuilding economic zone is being planned for the Astrakhan region, in the Lower Volga area, to assist investors in developing offshore deposits in the Caspian Sea

A new special economic zone (SEZ) is being planned for the Astrakhan region, in the Lower Volga area, to focus on shipbuilding, portal BFM.ru reported. The source cited the Astrakhan Governor?s press service as saying that ?the Astrakhan SEZ is expected to solidify Russia?s position in the Caspian Sea and assist investors in developing offshore deposits in the area.? The new zone will reportedly offer a range of tax and customs benefits and a low cost of land. For example, instead of paying 20% profit tax a SEZ resident will only have to pay 2%. Each resident is also eligible for a five-year land tax exemption and a ten-year property and transport tax exemption...