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The Rates of Insurance Premiums for Investors in the Far East May Be Reduced

The Ministry for the Development of the Russian Far East suggests to set preferential rates of insurance premiums for residents of TADs and the free port of Vladivostok. The relevant bill was approved at the meeting of the Russian Government Law Drafting Commission.
"We will extend the benefits for insurance premiums to the State extra-budgetary funds for up to 10 years for the investors of TADs and the free port which will come to the Far East until 2025. That is, reduced rates of premiums will be in effect until 2035. In addition, the President of the Russian Federation has signed the law that the grace period will be extended from 10 to 19 years for those large investors who will invest more than 100 billion rubles in manufacturing in the Far East"," the Minister of the Russian Federation for the Development of the Far East, Alexander Sergeevich Galushka, specified.
The bill provides for the use of reduced rates of insurance premiums by residents of TADs and FPV within ten years from the date of receiving the respective status, exclusively for individuals employed in new jobs. We are talking only about reduced rates of insurance premiums for the new jobs created during the implementation of investment projects in TADs and FPV.

It is proposed to establish the following minimal amount of investments for applying reduced rates of insurance premiums: 500 million rubles for residents of TADs and 5 mln rubles for residents of the Free Port of Vladivostok. The Ministry for the Development of the Far East also proposes to apply reduced rates of insurance premiums to the State extra-budgetary funds by the residents of TADs and FPV who received the respective status no later than December 31, 2025. As it was explained in the Ministry, the amendments envisaged by the bill will not be applied to the payers included in the registers of the residents of TADs and residents of FPV before the law comes into force.
This refers to making amendments to article 427 of Part II of the Tax Code of the Russian Federation.
It must be noted that the Ministry for the Development of the Russian Far East has developed a federal law on amending article 5 of Part I and article 427 of Part II of the Tax Code of the Russian Federation. The bill was approved by the State Legal Department of the President of Russia, the Ministry of Finance and the Ministry of Economic Development of the Russian Federation. The Institute of Legislation and Comparative Law under the Government of Russia supported the initiative of the Ministry for the Development of the Russian Far East.

By Eugenia Vasilyeva
e.vasileva@minvr.ru


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