Russia Continues To Upgrade Special Investment Rules - Industry Minister

The Russian government continues to improve its rules for special investment contracts, including for foreign investors, Russian Industry and Trade Minister Denis Manturov said on Wednesday

MOSCOW (UrduPoint News / Sputnik - 11th September, 2019) The Russian government continues to improve its rules for special investment contracts, including for foreign investors, Russian Industry and Trade Minister Denis Manturov said on Wednesday.

"We continue to increase the scale of application of special investment regimes. At the moment 45 Federal special investment contracts have been signed of which 18 are with residents of the European Union. Now the mechanism of the special invest contract is being improved," Manturov said at a meeting with EU ambassadors.

He specified that the term of the contracts has been increased to 20 years, while the the lower limit for investment volume was abolished and taxation was relaxed.

Russia's new rules on special investment contracts came into force in August and allow investors to develop technology and invest in industry in exchange for tax breaks and a beneficial regulatory framework. Under the special investment contract with the government, the investor also gets the benefit of looser public tender participation rules. The law was first introduced in 2015 and amended in 2019.