Medvedev: tax-free zones will be created in Russia

During an International Legal Forum plenary session in Saint Petersburg on Wednesday, May 16, Russian Prime Minister Dmitry Medvedev confirmed plans to create special administrative tax-free regions in Russia, RBC reports.

Medvedev stated: “We are planning to create regions with special legal status and special tax regimes in the Primorsky, Krai and Kaliningrad regions; this status will be avaliable on the Oktyabrsk and Russky Islands soon.”

According to Medvedev, the best practices of advanced legal regulations were tested in experimental zones and have the potential to come into effect for the Russian economy as a whole.

Yury Trutnev, the representative of Russian President Vladimir Putin in the Far East, stated that the tax-free zone for all Russian companies should be created on Russky Island. He stated that he does not personally consider creating such zones to be a bad idea, if all risks related to tax evasion are taken into account and reviewed.

It was previously reported that Russians keep nearly $50 billion in British offshore zones.

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