Wednesday, 22, January, 2020

The Senate at the 25th plenary session on Saturday passed the Special Economic Zones (SEZ) Law, the Senate press service said in a statement.

The Bill sets out the requirements for projects proposed for implementation in a SEZ, the types of activities prohibited, the grounds for liquidation, the procedure for obtaining the resident status in the SEZ, its rights and obligations.

A separate article is devoted to guarantees of legal protection of SEZ residents. So, in case of change in the tax legislation, the residents have the right for, during the period of waivers, but not more than 10 years, for the tax regulations that were in force on the date of their registration as a SEZ resident.

Losses, as well as lost profits and non-pecuniary damage caused to legal entities and individuals as a result of illegal interference in their activities by state and other bodies or officials, are subject to compensation in court, the document says.

Senators, when approving the document, noted that the current version of the Free Economic Zones Law does not fully regulate the activities of free economic zones and requires further development.

The existence of a large number of by-laws, the lack of complexity of a special direct-acting legislative document gives rise to conflicts and emergence of negative opinions among potential investors about the stability of the related regulation in this area, the statement concluded.

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