A Law on Basic Directions of the Industrial Policy Was Passed in Kuban

More than 50 issues relating to the political, social and economic spheres of the region were considered during the next 36 session of the Legislative Assembly of the Krasnodar Region.

In particular, the deputies passed a law defining the priorities of the industrial policy of the Krasnodar region. As the press service of the Legislative Assembly states, the law defined characteristics of incentive measures. The document also established the notion of the special investment contract on behalf of the Krasnodar region. This contract does not provide budget funds for investment in the investment project, but aims to create the most favourable conditions for investors to implement the project. The region does not receive rights of ownership of the object that is created, but the economic effect of participation is obvious – the surplus product and new jobs are created, and taxes from the new business come to the regional budget.

In addition, parliamentarians addressed the issue of the implementation of the regional law on the development of small and medium enterprises of Kuban. It is noted that the number of small and medium-sized businesses increased in 2014. To date, their number amount to 282.8 thousand units, that is more than 35 percent of the population employed in the economy of the region. Cooperation of public authorities in the region in the main adjustment directions of the tax policy for small enterprises, such as improvement of the use of the patent system of taxation and the possibility of the ‘tax holiday’ establishing for the newly registered individual entrepreneurs, is also continued at present time.

Source - Investment portal of Krasnodar region