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The Cabinet of Ministers approved income tax benefits in the Arctic

The Cabinet of Ministers approved income tax benefits in the Arctic
Photo: pixabay.com
A package of amendments to the Russian Tax Code for investors in the Arctic was approved by the Russian government. The Cabinet of Ministers supported the introduction of income tax benefits, the document was submitted for consideration to the State Duma.

According to the press service of the Ministry for the Development of the Russian Far East, several proposals have been submitted to the Cabinet of Ministers that can stimulate investors in the Arctic. One of the main ones is the introduction of income tax benefits.

In addition, those who will conduct the extraction of solid minerals, except for coal, it is planned to establish a deduction from mineral extraction tax. The exemption will apply to work in new fields, but the deduction will not exceed investment in infrastructure. All supporting projects: construction of roads to the field, power lines, should be put into operation no earlier than January 1, 2021 and no later than the end of 2023.

According to preliminary estimates, the new tax benefits will help the implementation of investment projects. The volume of investments in the economy of the Arctic zone of Russia may amount to about 99,5 million rubles. The Russian government has already approved proposed package of laws, and the development of benefits for investors started back in late 2019.
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