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Yakutia: Land of Mammoth Opportunities

Yakutia: Land of Mammoth Opportunities. By Marina Dessiatkina Trade Commission of the Republic of Sakha (Yakutia) March 8, 2010. QUICK FACTS:. 3.1 million. sq. kilometers 40% of its territory located in Arctic Circle One of the richest regions for mineral resources in Russia and worldwide.

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Yakutia: Land of Mammoth Opportunities

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  1. Yakutia: Land of Mammoth Opportunities By Marina Dessiatkina Trade Commission of the Republic of Sakha (Yakutia) March 8, 2010

  2. QUICK FACTS: • 3.1 million. sq. kilometers • 40% of its territory located in Arctic Circle • One of the richest regions for mineral resources in Russia and worldwide Trade Commission of the Republic of Sakha (Yakutia)

  3. Sakha Republic’s share in total mineral reserves of the Russian Federation Trade Commission of the Republic of Sakha (Yakutia)

  4. Importance of the mining industryfor the region’s economy • 80% of all region’s industry activities; • 68% of all industrial jobs and 18% of all jobs in the region; • 57% of all regional taxes appropriated for the federal budget; • 67% of all capital investments in the Sakha Republic’s economy; • 18,4% of total volume of goods sold outside of region Trade Commission of the Republic of Sakha (Yakutia)

  5. Foreign investment: considerations checklist • Availability and accessibility of substantial raw mineral and energy reserves; • Strategic location allowing convenient reach for Asia Pacific markets; • Presence of companies conducting their exploration, mining and export activities successfully • Preparedness of the local government for constructive dialogue with foreign investors; • Regional and federal law on foreign investments: recent developments Trade Commission of the Republic of Sakha (Yakutia)

  6. Foreign Investment Act of the Republic of Sakha (Yakutia)Dated: December 22, 1992 (reference № 1270-XH) • Foreign investments are fully and implicitly protected on the territory of the Republic of Sakha; • Rights to freely re-invest and export - all forms of revenue • First 10 years - guaranteed conditions existed for the moment of registration; • Guarantee doesn’t cover for federal law changes: customs rules, taxation regulations, credit and finance, and anti-monopoly law; • It doesn’t provide for economic security, environmental protection, public order, and local health care; • Within given power, the public administration of the Republic of Sakha (Yakutia) and local governments can provide additional guarantees. Trade Commission of the Republic of Sakha (Yakutia)

  7. Act on Foreign Investment Activities in the Republic of Sakha (Yakutia) dated by May 30, 2006 (reference 347-3 № 709-Ш) • Establishes tax benefits and offers investment tax credits; • Provides for a wide range of government support to: • Encourage equity market developments, • Promote financial leasing • Offers government fiscal guarantees and funds allocation to investment projects on a competitive basis; • Introduces a list of tax benefits in reference to: • Corporate income tax, – no more than 4% of fixed tax rate, - the portion to be attributed to the Republic’s budget; • Corporate property tax, - in particular reference to all forms of property to support an investment project, and/or equipment or part of the equipment bound by leasing contract; • Corporate tax on transport vehicles acquired to serve the investment project, passenger cars excluded. • Total sum of tax benefits shouldn’t exceed total sum of the investment. Trade Commission of the Republic of Sakha (Yakutia)

  8. Procedures for Foreign Investments in Business Entities of Strategic Importance for Russian National Defense and State Security, a.k.a Federal Law № 57-FZ, dated by April 29, 2008 Source: http://www.fas.gov.ru/english/legislation/20300.shtml Trade Commission of the Republic of Sakha (Yakutia)

  9. Contact Information: Marina Dessiatkina Trade Commission of the Republic of Sakha (Yakutia) 1-200 North Service Rd. W Unit 375 Oakville, Ontario L6M 2Y1 Canada Phone: 905-847-8006 Cell: 905-334-4966 E-mail: sakhatrade@gmail.com THANK YOU!

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