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State Duma approves tax incentives for investors in the Arctic

State Duma approves tax incentives for investors in the Arctic
Photo: pixabay.com

The State Duma in the third reading approved the bill on new tax breaks for investment projects in the Arctic zone of Russia. In particular, the amendments relate to oil companies.

The new amendments are talking about reducing the tax on mining, more favorable conditions for exploration. Such conditions are going to apply only for projects on which production began no earlier than January 2020. 

According to the press service of the Ministry for the Development of the Russian Far East, the authors of the document also propose introducing for the LNG and gas-chemical production projects zero the mineral extraction tax for 12 years when gas is produced in the Arkhangelsk Region, Komi, Yakutia, Krasnoyarsk Territory, Yamalo-Nenets Autonomous District and Chukotka.

In January, the Russian government approved a package benefits bills for investors 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. Deputy Prime Minister and Presidential Envoy to the Far Eastern Federal District Yuri Trutnev said that he will better than in the Far East.
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