A bill on amending the Tax Code has been submitted to the Russian State Duma. The bill was written to improve the mechanism for providing tax deductions to residents of preferential development zones in Russia’s Far East and the Arctic.

Under the bill, ‘money-sum’ criteria will not apply to residents of priority development areas in the Russian Arctic during the transition to tax monitoring schedules.

“The use of tax monitoring schedules by residents will help reduce labour and material expenditures linked with the provision of documents during the tax oversight process,” an explanatory note to the bill reads.

The bill also includes omitting the provision of guarantees to management companies in order to use a declarative VAT refund procedure by residents in priority development areas.

“This bill will help expand Far Eastern and Arctic investment activity,” the document notes.