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Russia's Far East May Offer Tax Relief To Asian Farmers


Russia is considering setting up special economic zones in its Far Eastern regions which will use tax incentives to attract Asian investments into the agriculture sector, deputy economy minister Oleg Savelyev told Russian business daily Vedomosti.

Savelyev said that Russia has been holding discussions with Japanese investors "for several years." Japanese firms have already begun sowing soybean and buckwheat in the Amur region on a trial basis.

Japan's Hokkaido Bank proposed setting up free economic zones in the Khabarovsk and Primorye regions. The zones would offer Japanese businesses a number of benefits, including five-year exemptions from property, land and transport taxes, and a two percent profit tax. After the five year period profit will be taxed at 15.5 percent.

Russia's Far East Federal District contains large areas of arable land which has remained unfarmed due to its remoteness and lack of good infrastructure.