OREANDA-NEWS. June 27, 2012. The Executive Order of May 29, 2012 determined measures to organize the activities of Angren special industrial zone.

Provisions on the SIZ Angren and its Governing Council have been approved, state unitary enterprise "Direction of the special industrial zone Angren" has been established.

It is determined that the functions of the management of the SIZ established by the Cabinet of Ministers includes registration of the participants of the special industrial zone in accordance with the decisions of the Administrative Council, conclude investment agreements with investors, contracts with members of the SIZ Angren on selling state-owned property at zero redemption value and use of land plots. The management monitors proper execution of obligations assumed by investors, performs other functions in the operational management of the activities of the SIZ.

Among the priority tasks of the special industrial zone is creating a favorable environment to attract investments, especially direct ones, for the establishment and effective operation of modern high-tech industries for production of competitive on domestic and global markets products with high added value. Creation of new productions on more advanced processing of mineral resources will provide a comprehensive and effective use of production and resource potential of the region included in the SIZ. The focus of the special industrial zone enterprises is deepening of processes of localization of production of high-tech goods based on local raw materials by establishing close cooperative relations and development of industrial cooperation. The widespread use of capacity of Angren logistics center, the created a system of roads and container cargo will ensure rapid development and efficient use of transport, engineering, communications and social infrastructure.

Earlier it was reported that as part of the Presidential Decree of April 13, 2012 the period of operation of SIZ Angren is determined 30 years with the possibility of further extension. During this period there will be a special tax regime and customs benefits on its territory. Members of the SIZ are exempt from income tax, property of legal persons, improvement and development of social infrastructure, single tax for small businesses, as well as mandatory contributions to the Republican Road Fund.

Exemptions are granted for a period from 3 to 7 years depending on the amount of investments made, including the equivalent of:

- From USD 300 thousand USD 3 million - for a period of 3 years;

- From USD 3 million to USD 10 million - for a period of 5 years;

- More than USD 10 million - for 7 years.