The government has approved incentives for investors in the Arctic

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www.vsyako.netPhoto: Dmitry Astakhov / RIA Novosti

The government approved a package of bills on Arctic development, providing incentives for investment in Arctic projects. In the near future the documents will be submitted for consideration to the state Duma, the press service of the Ministry for development of Russian Far East and the Arctic.

According to Prime Minister Mikhail mishustina, the draft laws should be created in the Arctic zone of favorable conditions for attracting private investment, development of deposits, development of the Northern sea route and the creation of jobs. It is expected that this will improve the quality of life of local people.

According to the bills, by investing ten million rubles in the Arctic territory of any company or entrepreneur will receive tax and non-tax incentives. Benefits available only to new investment projects, the maximum size can be no more than 25 percent of the investment.

In addition to proposals in the field of oil and gas production package of documents will help to support the construction of industrial enterprises, ports and other infrastructure. For such projects provides for a zero rate of income tax for ten years. The zero VAT will affect marine transportation of export cargo and ice-breaking support. This should encourage the use of the Northern sea route.

Among non-tax preferences — possibility to create separate areas in the free customs zone and round-the-clock checkpoints. Investors will be able to land in a simplified manner and faster.

Video, photo All from Russia.

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