Magadan may become a city with the status of a free-trade port. “Parlamentskaya Gazeta” newspaper reports that a corresponding draft law will be submitted to the State Duma in Autumn.

According to Oksana Bondar, Deputy Chairman of the State Duna Committee on Regional Policy and Problems of the North and the Far East, the issue of extending a free port mode to Vladivostock Port and Magadan Region is paramount for the whole area. “Tax benefits for free-trade ports are extremely valuable for many entrepreneurs and offer tools to spur the Region’s economic development”, the Deputy said.

At present Magadan Region and the City of Magadan have the status of a special economic zone, which may impede introduction of a free port mode. The current federal regulations preclude concurrent operation of two similar economic tools. Oksana Bondar specified that a free economic zone regime was mainly comfortable for subsoil users. At the same time industrial entrepreneurs preferred benefits associated with free-trade ports.

The Deputy reported that the State Duma had already organized a meeting of the Expert Council to discuss that draft law. The project received a preliminary approval, at present it is being upgraded, with due consideration to the opinion of the Ministry for Economic Development and Trade. The final version will be submitted to legislators in Autumn.



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