Russia has passed a law that will offer tax and other incentives to domestic shipbuilding and shipping companies in a bid to stimulate the industry.
The new law, which has already been passed by the lower and upper houses of Russia’s parliament, will offer Russian shipyards the status of industrial and production special economic zones to increase shipbuilding output.
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Shipyards in the country will get land and property tax breaks for ten years while shipowners will also get tax exemption from profits received from the operation or sale of Russian-built vessels.
The new law will also exempt shipbuilding and shipping companies from paying insurance to Russia’s Pension, Social Insurance and Compulsory Medical Insurance Funds, reports RIA Novosti.
