Tolyatti, a city located in the southeastern part of European Russia was assigned a status of an advanced development territory, the municipality’s website reports on Wednesday.
As a reference, Tolyatti is internationally known as the home of Russia's largest car manufacturer AvtoVAZ founded in 1960s.
“This is a high-profile event for further development of the city’s economy. Advanced development territory means creation of new jobs, low tax rates for investors during the first years of their operation and a shift away from dependence on a monotown,” says the Mayor Office’s statement.
Tax rates are planned to be reduced for future residents of the advanced development territory from standard 18% down to 5%.