Russian Duma to Review Bill to Add Crimean Waters to Special Economic Zone
17:21 11.10.2016
A bill to make inland waters and territorial sea along Crimean shoreline part of a local special economic zone was submitted to the Russian State Duma, the latter said Tuesday in a statement.
MOSCOW (Sputnik) – The statement on the State Duma's website said:
"To facilitate using transport means under the duty-free zone regulations in Russian inland waters and territorial sea along the Crimean peninsula's coast, it is proposed to include this territories in a special economic zone."
Russia adopted a federal law on Special Economic Zones in 2005 in a bid to attract domestic and foreign investment into regional infrastructure – industry, tourism, technology and ports – by offering tax and other benefits to businesses.
A special economic zone in Crimea became operational in January 2015, which meant the introduction of a special tax regime and other incentives for participating businesses.
Crimea reunified with Russia after over 96 percent of the local population supported the move in a 2014 referendum following the coup in Kiev that toppled then President Viktor Yanukovych. Kiev, as well as the West, did not recognize the move.
© Sputnik
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