LLC “TESK” became the seventh resident of PSEDAR “Naberezhnye Chelny”

LLC “TESK” was put on the Priority Social and Economic Development Area Residents’ Register by the Russian Federation Ministry of Economic Development being established on the Russian Federation single-industry municipality (mono-cities) territories and became the 7th resident of Priority Social and Economic Development Area (hereinafter - PSEDAR) “Naberezhnye Chelny”. In accordance with federal law the legal entity is declared a resident of PSEDAR from the date of entry in the said Registry.

The investment project being implemented by “TESK” company is aimed at launching of production of overhead-distribution network casting-pendant fittings with self-supporting insulated wire 0.4 kV in the city of Naberezhnye Chelny area.

For PSEDAR residents is allowed reduced profit tax rate: 0% payable to federal budget during the first 5 tax periods as from receipt of first profit from operations; 5% payable to Russian constituent entities’ budget during 5 tax periods from receipt of first profit and 10% during the next five tax periods.

In addition, for PSEDAR residents are provided:

- Property tax exemption

- Land tax exemption from

.- Insurance deductions reduced rate in the amount of 7.6% instead of 30% to be paid as a matter of routine (including 6% to Pension Fund instead of 22%, 1.5% to Social Insurance Fund instead of 2.9% and 0.1% to Compulsory Medical Insurance Fund instead of 5.1%). This exemption applies for ten-year period from the date of obtaining PSEDAR resident status and for residents who have received this status not later than within 3 years from the date of PSEDAR establishment.