Companies planning to carry out new projects in the Arctic will be eligible for tax relief as stipulated by a package of bills signed by President Vladimir Putin.
Any business person registered in the Arctic and willing to start a new investment project in the region will be able to obtain a resident status, provided that the amount of investment is at least RUR 1 mio ($14K).
Arctic investors will be eligible for a range of tax concessions and other privileges, Kommersant reports. In particular, these investors will be able to pay lower taxes charged by both federal, regional and local authorities.
Additionally, business people will be able to benefit from reduced social contribution rates. The Arctic region will also have a free customs zone.
Investors developing projects in the Arctic will also be exempt from the corporate profit taxes payable to the federal budget.