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State Duma Committee approves tax incentives for investors in the Arctic

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

The State Duma Committee on Budget and Taxes approved tax incentives for investors working in the Arctic zone and recommended that the lower house of parliament adopt, on first reading, amendments to the Tax Code providing for preferences for implementing Arctic projects.

The State Duma will consider the bill at a meeting on February 19. As reported TASS, earlier the document was recommended to be adopted in the first reading by the Committee on Natural Resources, Property and Land Relations, the Committee on Regional Policy and Problems of the North and the Far East, as well as the Committee on Energy.

In January of this year, the Russian government approved the package benefits bills for investors planning to implement new 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. Deputy Prime Minister and Presidential Envoy in the Far Eastern Federal District Yuri Trutnev said that the system of preferences for projects in the Arctic will be better than in the Far East.