The high-tech business park the Kremlin...

Medvedev was speaking at a meeting of the commission for the economy"s modernization and technological development.

Medvedev said residents of the technological park will enjoy tax holidays during a period of ten years and will be exempt from the payment of profit tax, VAT, property and land taxes until their annual sales reach 1 billion rubles ($34 million) and eventually until their accrued profits amount to 300 million rubles ($10 million).

The president also gave instructions to prepare and submit a bill to the lower house of parliament in May on the special status of the innovation center in Skolkovo near Moscow.

Medvedev said the bill would be a basic document to reflect "the special economic and legal status of the Skolkovo center."

Russia considers the development of the high-tech and innovation sector its top priority and has pledged billions of U.S. dollars to finance the sector, which it hopes will end the country"s dependence on raw material

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