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Putin signs Arctic tax incentive law
Russian President Vladimir Putin signed a federal law on amendments to the Tax Code, which will stimulate the implementation of new projects for the production of hydrocarbons in the Arctic zone.
The document provides for the application of a reduced rate of mineral extraction tax (MET) on new offshore hydrocarbon deposits in the Arctic zone: 5% for oil production over 15 years. The severance tax will be zeroed for 12 years to create a new oil province in the Eastern Arctic, which will include Chukotka, the north of the Krasnoyarsk Territory and Yakutia.
For projects in the production of liquefied natural gas and gas chemical products, the MET will be reset to zero for 12 years for production in Yakutia and Chukotka, in the Arkhangelsk region, Komi, Krasnoyarsk Territory, Yamalo-Nenets, Nenets Autonomous Okrugs.
The main package of bills for the formation of general measures of state support for entrepreneurial activity in the Arctic in the first reading was adopted by the State Duma. The Ministry of Eastern Development, together with representatives of other departments, the Duma and business, are preparing amendments to the second reading.