Putin signs law expanding Free Port of Vladivostok borders to 5 regions

Russian President Vladimir Putin signed amendments to the law on the territories of advanced development and the Free port of Vladivostok, approving the extension of the port’s borders to several more regions of Russia’s Far East. The document was published on Monday at the government’s official portal of legal information. The State Duma and the Federation Council lower and upper chambers of the parliament approved it on June 24 and June 29 respectively. The law extends the free port regime to the key ports of the Far East, namely - the Khabarovsk Territory (Vanino municipal district), the Sakhalin region (Korsakov City District), the Kamchatka Territory (Petropavlovsk-Kamchatsky), Chukotka Autonomous Okrug (Pevek), Primorsky Krai (Lazovsky municipal district). The free port regime will provide new tax allowances for residents, including duty-free import of equipment, benefits aimed to promote tourism, stimulate fishing industry, etc. The law on Free Port came into force on October 12, 2015. It provides for the establishing of a new special economic zone embracing fifteen municipalities in the south of Primorsky Krai.