A draft law creating special economic zones is expected to be approved by Russia's lower house of parliament, the State Duma, by the end of the week, according to Deputy Economic Development and Trade Minister Andrei Sharonov.
The bill, which passed its first reading in the Duma last month, seeks to improve the country's business environment and boost investment in Russia's technology sector by creating a number of state-run special economic zones offering a range of incentives to firms in the information technology field.
According to Sharanov, residents of these 'IT parks' could potentially cut company expenses by as much as one-third because of the 20 years of tax breaks and other benefits these companies would receive.
"This instrument, special economic zones, is based on three key ideas," Sharanov stated at a meeting organised by the American Chamber of Commerce.
"One of them is a simplified procedure for the allotment of land plots with existing infrastructure. The other idea is facilitating administrative barriers and, therefore, reducing startup costs in those areas. Third, this instrument grants tax breaks and customs preferences to companies working under that regime," he added.
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