In the economy

Crimea will receive a special tax regime

March 24, 2014. Maxim Blan

For a week, Crimea has been listed as Russian territory, and the government of Dmitry Medvedev was only able to consult regard to the integration of the peninsula’s economy into the Russian socio-economic and infrastructure system. So far, the only one who was at least somehow dealing with this issue is Deputy Prime Minister Dmitry Kozak, who is very useful from worries in the preparation of the Olympics in Sochi. Obviously, he will continue to oversee Crimea. He will also be the main speaker at a meeting at the head of the office.

Accordingly, approaches to the integration of the peninsula, if they differ from the Sochi Megaproekt, then not much. Now the creation of a special economic zone (SEZ) in Crimea, which provides investors with tax benefits - exemption from income taxes and property, is the right not to sell part of the foreign exchange earnings.

Hoping exclusively for private investors would be too naive, especially if we talk about infrastructure projects (and they, in addition to the bridge through the Kerch Strait, will have to be built a lot), so you will have to fork out the federal budget. There are two options: either a special federal target program will be adopted, or a special state corporation, like Olympstroy, will be created. True, if the lifetime of Olympstroy was limited, then the Crimean structure risks being eternal. The amounts that Russian taxpayers will have to be assigned for the accession of Crimea are called different. According to the most minimal estimates, at least 350 billion rubles will be allocated from the federal budget. The rest, apparently, will be designed as “private investments” as part of the “public-private partnership”.

As it looks in practice, everyone remembers so well for Sochi. The largest “private” investors will be appointed state -owned banks and state -owned companies - Gazprom, Russian Railways, Romneft, Sberbank and VTB. “Natural Monopolies” - Russian Railways and Gazprom - under a multi -billion dollar investment program will knock down tax benefits and an accelerated increase in tariffs in the government, which will undermine the already unstable budget and will pour into the next inflation jump. Simply put, their expenses will cover the entire population, which will be forced to pay more, eat less and dress more modestly. VTB and Sberbank will gain access to free resources of the Central Bank, some of which will be spent on the foreign exchange market, earning on the collapse of the ruble (I can’t vouch for Sberbank, and for VTB this is a favorite way to earn since 2008).

The oligarchs will also be pulled up. In the Crimean project, Norilskell, Rusal, and Lukoil will be happy to take part in the Crimean project. Fortunately, the scheme of shifting all risks to the state has been worked out. The specially created "daughters" will be invested, which, in which case, is not a pity to go off. Yes, and they will not invest the money of “rusal” or “Norilika”, but preferential loans received in VEB. Rotenbergs with Kovalchuki will not remain aside, who need to beat off the losses incurred due to Western sanctions. The role of a foreign investor can be played by Switzerland citizen Gennady Timchenko, who “sold” his share in the GUVNOR oil and oil oil storage on the “list of Obama” on the eve of his list.

And if Sochi cost Russia $ 50 billion, the Crimea will require at least twice as large. Pay, I repeat, the whole population will have to. And not only because of accelerated price growth. The creation of a “tax paradise” in Crimea will result in investment hunger of the rest of Russia, which has not been spoiled by investors in recent years. The design of the “showcases”, which, apparently, are going to turn the Crimea of ​​the Russian authorities, deprives the “backyard” with the size of one sixth of the sushi chances of development.

But the government will receive an additional bonus. Thanks to the inclusion of Crimea in Russian statistics, it will be possible to report on the "unexpected" growth of GDP.


Photo by ITAR-TASS/ Dmitry Astakhov


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