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Ministry for the Development of the Russian Far East discussed with the regions the preparation for launching a series of laws on a preference system for the Arctic

The Deputy Minister for the Development of the Russian Far East held the first online meeting with the authorities of the regions included in the Arctic zone of the Russian Federation.

22 2020

He noted that the approved laws provide benefits not only for large investment projects but for small and medium enterprises as well. In particular, they provide benefits on profit tax and insurance contributions, only for projects not related to mining operations.

The Deputy Minister for Development of the Russian Far East also clarified the procedure for obtaining the status of a resident of the Arctic zone. 'Residents have to submit a relatively small set of documents, including the application, constitutive documents and a business plan. Soon we will approve the application form, and it will be possible to generate it automatically in electronic form. The entrepreneur will just have to fill in the key fields, and the application will be generated'.

Alexander Pavlov, the head of the Arctic Department of the Ministry for Development of the Russian Far East, spoke about the work of the special section 'For Investors' on arctic-russia.ru. The section will contain detailed instructions on the application of support measures and step-by-step creation of the application with samples of each document. The website will also host the texts of the approved laws and regulations. 'We ask to direct entrepreneurs to this resource, where all information will be provided', said Alexander Pavlov.

The authorities of the Arctic territories stated that they are ready for the launch of the Arctic laws as well. In particular, all nine constituent entities have already determined the organisations which will perform the functions of management companies and have prepared the schedules for development and approval of regional and municipal regulations which will allow introducing benefits on local taxes.

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