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Russian government approves bills on Arctic preferences - EastRussia | Far East

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The Government of the Russian Federation approved draft laws on preferences in the Arctic

The Government of the Russian Federation approved draft laws on preferences in the Arctic
Photo: pixabay.com

The Russian government has approved a package of bills on incentives for investors planning to implement new projects in the Arctic. They provide for a number of tax and non-tax preferences.

Any company registered in the Arctic and any entrepreneur who is ready to implement an investment project or launch a new type of economic activity and invest at least ten million rubles will receive resident status. They intend to expand the preferential tax regime for the shelf, the rate of oil production at which will be 5% and will last 15 years.

According to Alexander Kozlov, head of the Ministry for the Development of the Russian Far East, according to estimates by the Ministry of Energy, taking into account the proposed tax benefits in the Arctic, they will launch at least five projects with investments of 1,77 trillion rubles. According to the press service of the department, for the projects existing in the Arctic, the key success factor is tax incentives for gas production for LNG in Yamal and Gydan, namely the zero severance tax rate for 12 years. Bills envisage extending this benefit to the entire Arctic, as well as to the gas chemistry industry, which is not there today.

Bills also provide support for the construction of ports, industrial enterprises. For such projects, a zero income tax rate for ten years is provided. In addition, it is proposed to reset VAT on services for the export of goods along the Northern Sea Route. A number of non-tax preferences are also provided for: the possibility of creating a free customs zone in certain sections and the round-the-clock operation of checkpoints, providing land plots in a simplified manner, reducing the time and limitations of inspections in relation to investors.

Earlier in government agreed on the principles of state support projects in the Arctic. It is planned that the entire Arctic zone of Russia will receive special economic regime with a set of tax and non-tax preferences. The draft strategy for the development of the Arctic zone of Russia until 2035 will be ready 20 to March.