Add to favorite
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

Zero Federal Taxes for Crimea Investors
31.03.2014 19:36
Zero Federal Taxes for Crimea Investors
Photo Credit:

Russia’s Economic Development Minister promised to free investors working in Crimea’s special economic zone from any federal taxes.

      Alexey Ulyukayev also said the government is considering a special gambling zone on the peninsula.

      Earlier, Russia-IC reported that the government decided to offer tax privileges to companies seeking to expand their operations to Crimea during the remaining months of 2014.

      The Ministries of Finance and Economic Development have been ordered to draft the necessary bills.

      Earlier, the Economic Development Ministry said Crimea’s infrastructure needs some $5 billion in investment, both private and public.

      There’ve been many concerns about the economic impact of Russia’s move to incorporate Crimea.

      The Russian economy is unlikely to rise above 2 percent in 2014 amid investor uncertainty over the possible impact of sanctions, says the Economic Development Minister.

      According to Alexey Ulyukayev, GDP is expected to grow 1.8-1.9 percent undermined by capital flight worth $100 billion.

      A military invasion of Crimea would cost the Russian economy some three percent of GDP, says Vedomosti.

      Earlier, Russia-IC reported on the possible repercussions of sanctions and investors’ fears on the pace of economic development.

      For example, Bank of America Merrill Lynch forecast that Russia’s GDP would shrink some three percent. The transit of natural gas to European consumers worth $30 billion may be disrupted, too.

      The EU may eventually block the construction of the South Stream pipeline and switch to other energy sources in a move towards an economic boycott.

      Public spending is bound to go up to pay for Crimea’s absorption. The Russian authorities have pledged financial aid to the residents of the autonomy whose budget is facing a $1 billion deficit.


Author: Mikhail Vesely

Tags: Russia economy Crimea Ukraine crisis   

Next Previous

You might also find interesting:

Comment on our site

RSS   twitter      submit

Russian business  Monuments in Moscow  Amber  Russian Healthful Cuisine  Graffity  Tundra   Russian writers  Russian athletes  Russian offshore companies  Alexei Navalny  Awards  Book Exhibitions  Chaif  Discoveries  ROSCOSMOS  Tudors  Russian science  Julia Samoilova  Mercedes-Benz Fashion Week Russia  St. Petersburg  VKontakte  Kamchatka  flat rent in Moscow  Vitaly Bianki  Russian tourism  Stockmann  Samara  Russian Cinema  Far East  comet  Zavodskoy  Russian cities  Saransk Souvenirs  Russian Film Distribution  shaman festival   Teresa Durova  Pevek  St. Petersburg Parks   Russian opera singers  Russian economy  Russian scientists  Moscow  Art Exhibitions  Ski resorts  Dagestan  Exhibitions in Moscow  VTB  Russian parliament  Russian Rock Music  Olympics 2012 

Travel Blogs
Top Traveling Sites