The draft law stipulates the period of the Olympics, names Olympics organisers, defines the legal regulations of the organizing committee Sochi-2014. The organizing committee is recognized as an autonomous non-profit organisation the Russian Olympic Committee and Sochi established.

The bill describes the definition and the use of Olympic symbols, regulates advertising issues and ensures the honest competitiveness.

The bill also sets forth the migration registration procedure, takes into account the specific features of labour relations, regulates arrivals and departures, as well as the stay of foreigners in Russia during the Olympics and envisages particular security measures during the Olympics. The Russian president may introduce tough security measures, including the creation of controlled and forbidden zones, restrictions on arrivals, the temporary residence of people and on the motor traffic.

The special clause is devoted to the settlement of urban construction and land property relations over the Olympics. The clause contains provisions on allocating plots of land and other real estate objects for state and municipal needs and their use for building Olympic facilities. In particular, appraisers will be accredited to set the repurchasing price and the sum of indemnified losses after the allocation of plots of land and other real estate objects for state and municipal needs and to use plots of land needed for the construction of Olympic facilities.

The Sochi Olympic Organizing Committee, the International Olympic Committee (IOC) and organisations, in which the IOC participates directly or indirectly, will be exempt from the property tax, income tax, the VAT and taxes on vehicles. The organisations, which were established under the federal law and perform managerial and other functions for the construction and operation of facilities for the Olympics and the Paralympics and the development of Sochi as a highland resort will be also exempt from several taxes.

MOSCOW, November 23 (Itar-Tass)