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Dmitry Medvedev signed a federal law providing governmental support to shipbuilding and shipping industries; the bill was adopted by the State Duma on Oct 21, 2011 and approbated by the Federation Council on Oct 26, 2011.
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Medvedev Signed Law Stimulating Shipowners
08.11.2011
The law determines legal mechanism stimulating shipowners to choose Russian national flag for their vessels, sign them in the Russian International Register of Vessels (RIRV), modernize their fleets, and place orders for new ships at Russian shipyards.
For this purpose, the list of vessels authorized to join RIRV is being currently specified.
Registration in RIRV will be a ground for additional exemptions in value added tax, income tax, and premium payments for shipowners operating vessels built by Russian shipyards and registered in RIRV.
In addition, to support Russian shipyards enjoying the status of special economic zone residents, their immunity from property and land taxes will be prolonged from 5 to 10 years.
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