Starting January 1, 2024, producers in the sea-hunting industry will be able to use the special preferential tax schedule for agricultural producers: the single agricultural tax. The indigenous peoples of the North, Siberia and the Far East who are engaged in the sea-hunting industry, will be able to take advantage of tax incentives, according to the Russian Government website.

According to the resolution signed by Prime Minister Mikhail Mishustin, various types of raw materials in sea-hunting have been added to the list of agricultural products in primary processing.

“Product processors included on this list can apply for the preferential taxation schedule, the single agriculture tax (UAT). This exempts them from revenue tax, personal income tax (for individual entrepreneurs) and property tax if it is used in agribusiness. The UAT rate in each region is different, but cannot exceed 6 percent,” the report says.

This transition to a preferential tax schedule for manufacturers of the sea hunting industry products will contribute to the development of the industry and the creation of additional jobs in the northern regions of Russia.