00:0002 октября 199800:00
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00:0002 октября 1998
Major foreign investors have been promised tax concessions by the city administration. KUGI, the City Property Committee, is preparing two new investment laws (in addition to the three that have already been passed). One establishes who can be defined as
<BR>Major foreign investors have been promised tax concessions by the city administration. KUGI, the City Property Committee, is preparing two new investment laws (in addition to the three that have already been passed). One establishes who can be defined as an investor, and how. The second determines the mechanism for offering concessions.<BR>The St Petersburg administration is examining the possibility of offering foreign investors concessions on city taxes. According to legislators, anyone investing a minimum of $5m in the city economy can apply for concessions. The actual concessions period is to depend on agreements between investors and the administration.<BR>"It is too early to say anything more specific," said Aleksei Ignatenko, KUGI's head of property market regulation, "Even the concept of the proposed laws still has to be ratified."<BR>"The law has got stuck in the administration's depths, and we don't know when it will be presented for a hearing," said Nikolai Sivach, general director of the city Association of Joint Enterprises. "We have not seen it yet, although the administration has promised that investors' requests will be given priority." He said that investors hope for a precise definition of 'investor' in the new laws, and want the laws determining investment procedure and the concessions to be framework laws, so that investors could establish individual relations with the city by agreement.
