Russia to Open Several Zones With Easy Taxation Regime

Russia will create three or four special economic zones with a privileged taxation regime, Deputy head of the Russian Ministry for trade and economic development Vitaly Savelyev said at a meeting of the Russia- U.S. Business Council on Monday.

The government is going to adopt a new law on special economic zones in Russia with the their financing planned to begin in 2006, Savelyev said. Such zones are necessary for the development of minor and medium businesses in Russia, creation of "technoparks" (machinery and engineering complexes) and the attraction of investments, Savelyev said.