The high-tech business park the Kremlin is setting up near Moscow as the Russian 'Silicon Valley' will enjoy unprecedented privileges and will be exempt from major taxes, President Dmitry Medvedev said on Thursday.
Medvedev was speaking at a meeting of the commission for the economy's modernization and technological development.
Medvedev said residents of the technological park will enjoy tax holidays during a period of ten years and will be exempt from the payment of profit tax, VAT, property and land taxes until their annual sales reach 1 billion rubles ($34 million) and eventually until their accrued profits amount to 300 million rubles ($10 million).
The president also gave instructions to prepare and submit a bill to the lower house of parliament in May on the special status of the innovation center in Skolkovo near Moscow.
Medvedev said the bill would be a basic document to reflect "the special economic and legal status of the Skolkovo center.'
Russia considers the development of the high-tech and innovation sector its top priority and has pledged billions of U.S. dollars to finance the sector, which it hopes will end the country's dependence on raw material exports.
MOSCOW, April 29 (RIA Novosti)
