Law on incentives for Arctic projects to be adopted in first six months of 2020
© RIA Novosti. Pavel Lvov

Law on incentives for Arctic projects to be adopted in first six months of 2020

The Federal Law on tax incentives for projects in Arctic territories must be adopted in the first six months of 2020, Murmansk Region Governor Andrei Chibis said at the Cooperation in the Arctic international session in Murmansk.

He noted that the regional authorities together with the federal government were drafting the last points of the new bill, which envisages unprecedented tax incentives and preferences for Arctic projects.

"Considering the geographical situation and the natural resources that the Murmansk Region has, this will be a real breakthrough when it comes to economic growth.<…> [The federal law] is scheduled for adoption in the first six months of 2020. All the details have been worked out, all the principal decisions have been made and any queries settled," Chibis explained.

According to Chibis, to date the regional authorities are doing everything possible to attract investments to the north by providing large regional incentives. Chibis noted that the regional authorities agreed with the federal government that tax incentives would also be provided for small and medium-sized businesses.

"We have agreed in the government that in addition to large infrastructural and industrial projects implemented in our region that the service sector will also receive special state support to work here," the governor pointed out.