Russian Cabinet Greenlights New Tax Benefits For Kuril Islands

The Russian government announced on Monday having approved a bill on tax benefits for new organizations registered in the Kuril Islands

MOSCOW (UrduPoint News / Sputnik - 29th November, 2021) The Russian government announced on Monday having approved a bill on tax benefits for new organizations registered in the Kuril Islands.

The facilitation of business in the Kuril Islands was among the items discussed by the cabinet at Friday meeting.

"The bill stipulates providing tax benefits under certain conditions to new organizations that are registered in the Kuril Islands," the government said on its official website, adding that ministers decided to "approve the bill 'On amending Part 2 of the Tax Code of the Russian Federation and submit it to the State Duma (lower house) under prescribed procedure."

In October, Russian President Vladimir Putin tasked the government with amending the country's tax regulations by August 1, 2022, in order to introduce a special taxation regime providing exemptions from certain categories of taxes for companies based in the Kuril Islands.