Regional government to encourage shipbuilding by tax relief measures

March 24, 2021 00:20

The fishermen of Primorye province (capital Vladivostok) are planning to update their fleet with 45 new vessels until the year of 2030, these plans being backed by tax benefits from the province subject to building at the local shipyards, reports

According to the regional Agency for Fisheries, Primorye’s fishing companies are going to build 17 large-tonnage boats and 28 medium-tonnage vessels at domestic shipyards by 2030.

For the first five years, the property tax on the ships built in Primorye Territory will amount to 0% while for the next five tax periods the rate will be 0.5%.

Today, the fishing fleet of Primorye numbers more than 450 vessels. The fishermen make a serious contribution to the food security of the country as almost 20% of the all-Russia catch is provided by the Primorsky Krai Territory.

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