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Exploration mechanism to increase tax deduction will be expanded for exploration - EastRussia | Far East

Irkutsk
Ulan-Ude

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Chita
Yakutsk

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Vladivostok
Khabarovsk

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Yuzhno-Sakhalinsk

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Petropavlovsk-
Kamchatsky
Moscow

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Exploration mechanism to increase tax deduction for geological exploration

Exploration mechanism to increase tax deduction for geological exploration
Photo: pixabay.com

The head of the Ministry of Natural Resources of Russia Dmitry Kobylkin instructed the responsible structures to work out the issue of extending the mechanism of the increased tax deduction to exploration not only for oil production, but also for other types of minerals. The Minister believes that this is relevant for the Far East.

The governor of the Magadan region Sergey Nosov asked Dmitry Kobylkin for such a measure, which accounts for almost a third of federal funding allocated for exploration in the Far Eastern Federal District. The head of the department supported this proposal. Now the increasing coefficient works only for subsoil users engaged in geological research, search and evaluation of new offshore hydrocarbon deposits.

The Far East Investment Promotion and Export Support Agency, together with the largest federal exploration companies, will adapt to Russian conditions and launch the segment junior companies. They will engage in attracting investment in exploration for the discovery of deposits. The junior company of the Magadan region has already received three search licenses for sites with resource potential. Together with the mining enterprises of the region, it will conduct exploration work in Kolyma.