Last Tuesday, the Kuban regional Parilament adopted a series of amendments to local laws providing for the introduction of unprecedented tax holidays for investors, both domestic and foreign ones, announced the regional Administration.

The new amendments are to improve the investment climate in the region and lower the administrative barriers laid before the business circles.

According to the documents, a register of strategically important invsetment projects will be filed in the region. The investors engaged in these projects will be granted tax holidays for a term up to 7 years. For the residents and management companies of the industrial parks, the tax holidays will last up to 10 years.

"We have adopted this law package to legally secure the guarantees for business in our region. We consider it a must today," stressed Kuban Governor Veniamin Kondratiev.

In his opinion, the region is introducing "the rules of the game" that will be "understandable and transparent for the investors".

"What we have to do now is to form such an economic space in the region so that the investors would gladly come here and accept our rules of the game," said Mr. Kondratiev.

He also promised that the authorities will be accompanying all investment projects "in the manual mode" and "on a turnkey basis".

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