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Signed agreement sees new resident in the Free Port of Vladivostok

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World Coal,

On 28 March, the representatives of the Far East Development Corporation and the East Mining Company signed an agreement on the activities of the resident of the free port of Vladivostok.

Since that day, there appeared one new resident in the Free Port of Vladivostok in Uglegorsk district. In accordance with the signed document, the subsidiary of the East Mining Company will implement an investment project in the territory of Uglegorsk district to build a conveyor belt from the Solntsevo coal mine to the port of Shakhtersk.

The agreement provides for the construction period from 2018 - 2022. Already this year, the new resident in the Free Port of Vladivostok will complete the pre-design in the amount exceeding 100 million rubles. The total amount of funds necessary for the construction of the conveyor is estimated at 5.2 billion rubles. However, this is not the final amount.

Becoming a resident in the Free Port of Vladivostok, EMCO Transportation Systems will receive the preferences stipulated by law, namely, duty free import of equipment, reduced tax rates, and reduced processing time for documents. At the same time, a number of obligations are imposed on the company, such as the timely implementation of the terms of the agreement, a quarterly report on the produced works, the implementation of the project according to the business plan submitted to the Far East Development Corporation, which actually allowed the company to be recognised as a resident. It is important to understand that the tax benefits apply only to the subsidiary company, the East Mining Company itself with the controlled enterprises will continue to pay taxes at the rates paid earlier. And this is not small money. In 2017, the enterprises of the East Mining Company paid the taxes in the total amount of 1.5 billion rubles. In the course of implementation of this project to increase the coal production, the tax base is increasing. Thus, the regional budget is replenished, and new jobs will appear.

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