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The Arctic will receive a special economic regime
The entire Arctic zone of Russia will receive a special economic regime with a set of tax and non-tax preferences. It will work next year and will subsequently develop and change depending on the needs of investors.
According to Alexander Krutikov, deputy head of the Ministry for the Development of the Russian Federation, in the Federation Council, the bill on the special economic regime in the Arctic has been finalized, and they plan to submit it to the State Duma before the end of the year so that the new economic regime works in 2020.
In the Arctic, they intend to increase the volume of exploration. To do this, prepare a separate program of geological exploration of the territory. Federal authorities plan to develop competition and technology, for this they intend to expand access to private companies to an unallocated shelf. A bill on this will be presented for discussion within a month.
“Together with the Ministry of Finance and the Ministry of Energy, we are developing an investment tax deduction mechanism in the amount of 50% of expenses for the search, assessment and exploration of offshore fields. He was also approved by the government last week, subject to some clarifications that we will prepare, ”said Alexander Krutikov.
The government agreed on principles state support for projects in the Arctic, all disagreements on this issue should be resolved by November 8. The minimum investment for projects in the Arctic that are planning to receive state support may amount to ten million rubles.