02:20 GMT +328 May 2017
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    RUSSIA'S BALTIC EXCLAVE INTO FREE ECONOMIC ZONE? DUMA TO DECIDE, MAY NEXT

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    MOSCOW, MARCH 4, RIA NOVOSTI - A bill will be offered for consideration to the State Duma, parliament's lower house, May next. It envisages a free economic zone established in the Kaliningrad Region, Russia's Baltic exclave, says Valeri Draganov, head of the Duma committee for economic policies, private enterprise and tourism.

    The bill promises soft taxation to local corporate manufacturers, tourist industry and transport. A company qualifies for fiscal privileges after it has attracted capital investment of ten million euros, at the smallest, the MP said to the media.

    The bill envisages three preferential fiscal arrangements-reduced customs duties, soft taxation, or both. Prospective reductions will concern profit taxation alone, he added.

    Mr. Draganov deems it possible for the federal government to appoint its envoy to the Kaliningrad Region.

    He expects the bill to get through an initial reading even within the Duma spring session.

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