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The State Duma adopted a package of laws on preferences in the Arctic

The State Duma adopted a package of laws on preferences in the Arctic

The State Duma adopted in the third reading a package of federal laws on state support for entrepreneurial activity in the Arctic zone. Now he will be sent to the Federation Council for consideration.

According to the press service of the Ministry for the Development of the Russian Far East, the documents will enter into force 45 days after they are signed by the president. The laws provide that the entire Arctic zone of Russia will become a special economic zone with a wide range of tax benefits and non-tax preferences for business.

The laws also expand the territory of the Russian Arctic zone - 31 additional territories are included in it. Now it includes four and 45 municipalities.

The business will receive a zero income tax rate for ten years, reduced, up to 0%, of the tax rate on profits, property, land taxes credited to the regional budget, and reduction of rates up to 1% under the simplified taxation system. It also provides for reimbursement of part of the costs of paying insurance premiums to state extra-budgetary funds up to a final rate of 7,6%, tax deduction from mineral extraction tax.

The laws also provide for the establishment of a 0% VAT rate for icebreaking assistance, shipping and transshipment of export-oriented goods. The government will prepare mechanisms for subsidizing the interest rate on loans for investment activity in the Arctic, as well as for the costs of paying coupon income on bonds issued as part of the implementation of Arctic investment projects. The laws also provide for a number of measures to develop and protect the traditional economic activities of indigenous peoples living in the Arctic.

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