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. Last Updated: 07/27/2016

Ports Bidding for Upgrade Tax Breaks

ST. PETERSBURG -- The government has begun accepting bids from the country's seaports for tax breaks and other incentives to upgrade infrastructure and diversify the economy.

The Economic Development and Trade Ministry will accept applications for the "special economic zones" until March 30, and the results will be announced a month later, the federal agency managing the project said Friday.

The Ust-Luga port on the Baltic Sea, Murmansk on the Barents Sea, Taman on the Black Sea and the Pacific Ocean ports of Vostochny and Nakhodka have expressed an interest in bidding for the exemptions, the ministry said. A government committee will choose from bids submitted by regional governments.

The country is creating four types of zones that will also get exemptions on land, transport and income to upgrade infrastructure and diversify the economy away from commodity exports.