Tuesday, May 22, 2018

Officials consider tax breaks for Sverdlovsk industrial parks

Eugene Kuyvasheva recently held a meeting to determine whether developing industrial parks in the Sverdlovsk region should qualify as special economic zones.

If officials agree that these areas should receive special tax breaks, it will be considered a regional law and be in effect until 2020.

Officials hope that these tax breaks will make industrial parks more appealing to investors and improve the health of Russia’s economy.

The tax breaks would be in accordance with recent instructions from President Vladimir Putin. During an address to the Federal Assembly, he encouraged Russian leaders to extend specialized means to develop single-industry towns.

The industrial park Theology already receives tax breaks, and is showing signs of improvement.

One of Theology’s funding companies, Energy Project will soon launch two new projects. The first is Epsilon, a product manufacturing facility that works with extrusions and cast aluminum. The second project is Element, which works with a mixture of rare earth metals and red mud.

Thanks to the tax break, Energy Project has been able to fund city improvements at its own expense.

Several other companies also have been making improvements thanks to extra funds from the tax break. They have also been able to hire more employees, which also improves the economy.

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Sverdlovsk Investment News

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