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Monday, 02 November 2020 18:03

Tax incentives for exploration in the Arctic will be developed by mid-December

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Russian Prime Minister Mikhail Mishustin instructed the ministries (the Ministry of natural resources, the Ministry of economic development, the Ministry of Finance and the Ministry of energy) to submit tax incentives for exploration in the Russian Arctic by mid-December. The list of instructions is published on the website of the Cabinet of Ministers.

According to the document, the ministries must submit to the Cabinet of Ministers by December 14, 2020 "agreed proposals for tax incentives for subsoil users to conduct geological exploration in the Arctic of the Russian Federation".

By December 18, they were also instructed to form proposals to increase the program of complex geological and geophysical work on the continental shelf of the Arctic and far Eastern seas until 2025 to reproduce hydrocarbon reserves. The agencies will have to determine the sources of funding for additional work in 2021-2025, including at the expense of potential subsoil users

Earlier, the Prime Minister said that the Cabinet of Ministers is preparing a program for the provision of land plots "Arctic hectare "by analogy with the program"far Eastern hectare". The Prime Minister noted that obtaining land in the far East under the profile program was in demand. According to the calculations of the presidential envoy to the far Eastern Federal district Yuri Trutnev, the process of obtaining a hectare in the far Eastern Federal district takes 32 days, Mishustin said.

Source: https://www.pnp.ru/economics/v-rossii-prorabotayut-mery-nalogovogo-stimulirovaniya-geologorazvedki-v-arktike.html

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