PRESS: Russian govt mulls creating two offshore zones

MOSCOW, Apr 10 (PRIME) -- The Russian government is considering creating two special regime territories resembling offshore zones on the Oktyabrsky Island in the Kaliningrad Region and on the Russky Island in the country’s Far East to help businessmen hit by sanctions, Vedomosti business daily reported on Tuesday citing sources.

The Economic Development Ministry has prepared a relevant bill which is currently being agreed with other authorities, the daily said. Under the bill, companies will be able to transfer their assets from abroad to Russia and retain their legal and financial structure without paying taxes on foreign incomes, the daily said citing sources.

A representative of the Kaliningrad government confirmed that the idea is under discussion.

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