MOSCOW, April 1 - RAPSI. The government has sponsored amendments to the Tax Code, thus granting tax privileges to investors involved in projects in the Russian Far East, the Trans-Baikal Territory and Buryatia, the Prime business news agency reports on Monday.

Companies will have to meet a list of requirements to be entitled to the tax cut.

The company should be registered in one of these regions, and should own or lease a land plot designated for an investment project for a lengthy period of time. The company should also produce goods in one of these regions. It cannot have branches operating outside these regions or be part of a consolidated taxpayer group.

The company's investments should be equal to or higher than 150 million rubles ($4.8 million) over three years or 500 million rubles ($16 million) over five years.

According to the proposal, the investment project cannot be aimed at oil and gas production or at the provision of related services, or at alcohol, tobacco and other excise good production, with the exception of cars and motorcycles.

NGOs, banks, insurers, non-state pension funds, professional stock brokers and dealers and clearing companies cannot be involved in the project. The new tax regime will apply to investment projects initiated from 2014 to 2023.

The amendments have been drafted upon President Vladimir Putin's instructions following a State Council Presidium meeting on Nov. 29.